Hoboken Approves $125M Budget With Tax Decrease For 2021

Hoboken NJ

25 August, 2021

11:01 AM

Description

HOBOKEN, NJ — The Hoboken City Council approved a balanced budget at their most recent meeting Wednesday night that includes a 2.8 reduction in municipal taxes, Mayor Ravi Bhalla's office said. The $124.9 million budget can be found here. The budget "funds infrastructure improvements, quality of life initiatives, and upgrades to city services [and] provides relief to property owners who, on average, will see a $74 reduction in the municipal portion of their tax bill this year," said the city. "I am very proud that we have once again been able to deliver a balanced budget and provide much needed financial relief to residents, despite the extraordinary circumstances presented by the pandemic," said Bhalla. "Through collaboration with the City Council and funding allocated to the city through the American Rescue Plan, the city will continue to fund critical quality-of-life initiatives and infrastructure upgrades that will benefit residents for years to come. Thank you to the City Council finance subcommittee, City Directors and finance department for working collaboratively together to create a responsible budget." The adopted budget also includes $6.4 million from the American Rescue Plan to make up for revenue loss due to the COVID-19 pandemic. The adopted municipal budget provides for park improvements, flood infrastructure upgrades, continued water main replacement, road repaving, municipal garage updates, Vision Zero safety improvements, the ongoing construction of the city's largest resiliency park in Northwest Hoboken, and more. "I am proud to have led the Finance Subcommittee for this year's annual budget process and I am grateful for the support of all of my colleagues with a 9-0 vote on the budget amendment in July, which preceded tonight's full budget passage," said Councilwoman Emily Jabbour, chair of the Finance Subcommittee. "A lot of great work was done by the professional Finance Department Staff at City Hall, especially Business Administrator Jason Freeman and Finance Director Linda Landolfi. I'm grateful to my colleagues on the Finance Subcommittee — council members Cohen and Russo — and appreciate the collaborative process that the council engaged in to reach agreement on a budget that will give taxpayers some relief during a difficult time, without negatively impacting city services." "For my entire tenure serving on the Hoboken City Council, I have pushed for a reduction in taxes, and I am proud to have worked with the Administration and my Council colleagues to deliver that," said Councilman Michael Russo, a member of the Finance Subcommittee. "During what has been one of the most challenging times for our city, keeping money in residents' pockets is paramount." "With the Finance Subcommittee and our partners in City Hall, we took a budget that Mayor Bhalla submitted in April with a 0.0 percent tax increase and found additional ways to save taxpayer dollars, ultimately delivering a 2.8 percent tax cut," said Councilman Phil Cohen, a member of the Finance Subcommittee. "This budget is a win-win-win as it provides residents relief and funding for capital improvement projects without compromising any city services. Thank you to Mayor Bhalla, the City Council, and the mayor's administration for working together to provide creative solutions." Don't miss Hoboken breaking news alerts when they are announced, or get a free daily newsletter each morning with Hoboken news. Sign up with your preferences here. Got news? Email [email protected]. Got photos? Please include express written permission from the photographer for us to use them. To be the first to get free news alerts with breaking stories in your town, or to get a free local newsletter each morning, sign up for Patch breaking news alerts or daily newsletters.