Think you’re getting a tax decrease?

12/1/2009:

Jon Corzine tightens state wallet on way out

Oh boy, this doesn’t look like good news for Hoboken residents! With the city budget being announced at tomorrow’s City Council meeting, you can bet the house that it will most certainly have to be (negatively) amended many many times before it’s finalized!

Corzine plans to withdraw $20.7 Million dollars in *already committed* Municipal funds, Lambertville Mayor David DelVecchio said “This has never happened. We’ve had aid go up, aid go down, but we’ve never had aid cut back once it was committed.” Additionally, William Dressel, executive director of the state League of Municipalities said “There are towns that are going to be confronted with a serious cash flow problem. I’m very much concerned that this is just the first salvo of many more to come.” Read more at NorthJersey.com.

corzine-nj-budget-deficit-how-will-it-affect-hoboken

Where’s the money going to come from now?

The AP reports:
“New Jersey is about to wield a budget ax again on programs and services as tax revenues continue to take a beating. Gov. Jon Corzine expects department heads to identify $400 million in spending cuts by Tuesday. Information disclosed to potential investors this week shows the governor also may be planning to freeze or reduce up to $400 million in payments to schools, towns, colleges, hospitals and the pension fund.

A deepening revenue shortfall and additional appropriations have combined to create a deficit projected at $1 billion (possibly even $1.5 Billion).Tax collections for the first four months of the fiscal year were about $410 million lower than expected.

A recent Pew Center on the States report has identified New Jersey as one of nine states whose fiscal problems are as dire as those in California.

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9 Comments on "Think you’re getting a tax decrease?"

jazzeru
Member
jazzeru

does anyone know how much money we are spending on the park to nowhere?

or the town employee who walks around my block sweeping the sidewalk?

how much will it cost to repair the soccer field if/when they actually repair it?

i hope some of these numbers will be included in the “budget” we finally get a peek at tonight?

upyurs
Member
upyurs

The budget is an expense budget.To do parks, or fix the field, or streets or the purchase of fire trucks comes from a capital fund expense. Since we have no excess funds to cover expense, it appears Mr Cunningham has planns to borrow for these capital accounts since he states at the last meeting that our % to revenue base is like 16%. Or course that excludes the &52 million from the hospital. So be prepare for more borrowing just like they are atttempting to do tonight borrow to repay the tax appeals.

In response to jazzeru who said:
does anyone know how much money we are spending on the park to nowhere?

or the town employee who walks around my block sweeping the sidewalk?

how much will it cost to repair the soccer field if/when they actually repair it?

i hope some of these numbers will be included in the “budget” we finally get a peek at tonight?

ajm
Member

Here is another article of note from NorthJersey.com. It’s more of a look at why municipalities are broke. It outlines the excessive perks that municipal employees receive in towns across the state.
Union City employees get a paid day off to go holiday shopping!

Here is the article:
northjersey.com/news/state/Report_N...xurious_benefits_for_employees.html

Here is the state report:
http://www.state.nj.us/sci/pdf/The%20Beat%20Goes%20On.pdf

borincana
Member
borincana

Yet we have spent money on all these beautification projects plants,bushes streets, sidewalks , lots of dough spent oh and lets not forget those cameras at every intersection to mke sure we catch you driving through red lights . For a state that is broke NJ certainly spends like there is no end. Did I mention Union City jsut built a public swimming pool I think its thier 3rd. IF the state is broke why do we keep spending …

whewwhewwhew
Member

Relax everyone. Dawn has a plan for this ahahahahahahahaha

Dawn is this town’s Obama. How’s the Hope and Change going so far?

So now that HUMC is not getting any funding will the CEO of the Hospital still be having that breakfast with mayors?

They had $94,000 in cash 2 weeks ago so I am sure everything will be OK.

poed
Member
poed

With all due respect, I am not sure you understood the point of the article. While it will grossly affect us, this could also be disasterous for MANY other municipalities. This is bigger than Hoboken. What is your plan to fix these issues?

In response to whewwhewwhew who said:
Relax everyone. Dawn has a plan for this ahahahahahahahaha

Dawn is this town’s Obama. How’s the Hope and Change going so far?

So now that HUMC is not getting any funding will the CEO of the Hospital still be having that breakfast with mayors?

They had $94,000 in cash 2 weeks ago so I am sure everything will be OK.

Furey
Member

Newark is losing the most here. They had $3 million of this earmarked for them.

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