The Hoboken City Council voted to introduce a $152,128,410.25 municipal budget with a nearly 19 percent tax increase, seeking to address a $17 million deficit driven by rising fixed costs, limited revenue growth, and the exhaustion of one-time funding sources.
At last night’s meeting, Mayor Emily Jabbour said this was a months-long collaborative process aimed at strengthening the city’s financial position, aligning revenues with expenses, and rebuilding reserves.
“We listened to residents and worked collaboratively with the City Council, to make difficult but necessary decisions that reduce the deficit while easing the burden on taxpayers and maintaining the core services the community depends on,” Jabbour said in a statement after the meeting.
The administration narrowed the projected deficit from $17 million to approximately $13 million, which Business Administrator Jennifer Gonzalez said was the result of nearly $1.6 million in spending cuts and $2.5 million in added revenue…