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The ship be turning: City Council passes transitional budget with 5% tax reduction

City of Hoboken announces:

HOBOKEN PASSES BUDGET WITH 5% MUNICIPAL TAX DECREASE
On Wednesday, October 6th, the City Council unanimously approved the Transition Year 2010 municipal budget containing a 5 percent tax cut.
“While most towns across the state are raising taxes, I’m proud that we are bucking the trend and cutting municipal taxes by 5 percent – the most permitted by law during a transition year,” said Mayor Dawn Zimmer. “More importantly, this fiscally honest, gimmick-free, fully-funded budget puts us on sound fiscal footing so we can reduce taxes further in 2011. We have been making the very difficult decisions needed to cut costs, and we will continue to scrutinize every area of our budget to make government more efficient and further reduce taxes. I want to thank the City Council for their unanimous vote on this budget.”
The budget contains a responsible $10 million cash surplus in order to improve the City’s credit rating, reduce borrowing costs, and prepare for both expected and unexpected costs, including approximately $4 million in tax appeals for 2010.
“Cutting taxes takes time, but we’re doing the work to get it done,” said Councilman Michael Lenz, Chairman of the Revenue and Finance Committee. “We reduced taxes by a small amount last year, by 5 percent this year, and look forward to doing even more in the spring.”
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