The City of Jersey City is set to receive their full ask of $120 million in state aid, including $105 million in long-term, low interest loans, officials announced Monday morning.
“Since day one, my team and I were laser-focused on finding solutions to the city’s fiscal crisis that avoided worst case scenarios of a 31% tax increase and devastating cuts to core city services,” Mayor James Solomon said in a statement.
“We’ve relentlessly examined the books, installed professional fiscal monitoring, and cut spending in pursuit of the long-term fiscal health of the city. Today, Governor Sherrill, Senate President Scutari, and Assembly Speaker Coughlin demonstrated historic leadership as part of an historic partnership.”
In February, Solomon now infamously announced that he inherited an over quarter billion dollar deficit from the previous administration and, as a result, was initially seeking $150 million in transitional aid from the state, but that was eventually dropped to $120 million…