Hoboken’s $20 Million Dollar Surplus!

8/11/2010:

Taxpayers fleeced, massive slush fund uncovered

Are you sitting down?

Hoboken ended Fiscal Year 2010 with a surplus of nearly $20 million dollars.

That’s not a misprint. Ten days after the end of the fiscal year the city has to file a financial statement outlining any leftover cash, and what accounts the money is held in. Of the over $33 million “left over” from the year that ended June 30, $19,975,580.49 is money that is earmarked to NOTHING.

This state mandated document is public record, which is sent to the Department of Local Government Services in Trenton.

At the same time Mayor Dawn Zimmer and her council majority failed to offer any of their promised tax relief, they were administering a budget that ended the year nearly 20 million in the black. How? It’s largely due to Fiscal Monitor Judy Tripodi’s decisions to over-tax Hoboken citizens. When Tripodi came in she struck a tax rate that sent bills through the roof. She did this by throwing every known bill facing the city – and a massive, completely unnecessary contingency for delinquent taxes on top of it – into the amount of taxes raised. This was the infamous “47% Tax Increase” that had citizens rallying in the streets. Those non-recurring bills were paid, but the tax increase remained. Now those “Taxpayer Groups” are gone, and what’s left is a massive surplus and no tax relief.

Zimmer hikes kids fees, cuts cops with a $20 mil surplus

If you want your child to participate in city sponsored recreation programs you now have to pay a new Zimmer fee. In fact, the city even attached a Zimmer fee to registration for county kids programs, which the county is now demanding they refund. If you wanted to swim in the city-sponsored pool during the heatwave of June and July you couldn’t because “budget constraints” meant it wasn’t open until half the summer was over. All this while Zimmer was sitting on Tripodi’s $20 million dollar surplus.

Longtime city employees are being laid off under the banner of “belt tightening” when the budget is actually bloated by $20 million in un-encumbered cash. Maybe this is why Zimmer felt free to give her two closest aides massive raises the same week she was laying others off.

Whose money is it, anyway?

Un-elected 4th ward councilman Michael Lenz is the Budget and Finance Committee Chairman. During the budget process a few months ago he made it clear he felt Zimmer and her team were not elected to cut taxes, but to spend tax money differently than previous administrations. Here’s the video to prove it:

This should come as no surprise, as Lenz is a Hudson County employee who got his taxpayer-paid job via a legendary political patronage system. The question now: when did Lenz know he was supporting a budget that was stockpiling cash to the tune of nearly $20 million bucks? When did Zimmer know, and what will they do about it? How will Zimmer’s hallelujah chorus over at Hoboken Revolt react to news they were overtaxed? Will they demand their tax money back, or allow Lenz and Zimmer to spend it as they please? What do you think should be done with this Fund Balance?

Zimmer’s cuts had nothing to do with this

None of the layoffs Zimmer has announced have gone into effect, and won’t until the end of next month at the earliest. This is not a result of budget cuts. It appears to be caused by over-taxation and budgeting ineptitude.

Some Zimmer fans will claim the money is earmarked for something, but according to the city’s own documents it isn’t. They’ll claim 8 or 9 million is actually designed to pay off Dave Roberts’ overspending. That isn’t true because the city – including Zimmer – agreed to a 7-year plan to pay that off at $1.7 million per year. That money has it’s own line item. It’s not part of the Fund Balance.

How do you think the city should deal with this “surprise” windfall? Is the Mayor inept, deceitful, or both? Comment below on Hoboken’s most-read website by a landslide.

Leave a Reply

16 Comments on "Hoboken’s $20 Million Dollar Surplus!"


willowres
Member
willowres
5 years 9 months ago

That surplus will probably mean we get less state funding in 2011

emarche
Member
5 years 9 months ago

Hey – mayoral beach homes don’t pay for themselves.

krewedetat
Member
krewedetat
5 years 9 months ago

That should have read “not everyone in this town IS made of money.”

It’s worth repeating, since it seems the tax revolt group is happy with their new status as the tax APPEAL revolt.

Hoboken007
Member
Hoboken007
5 years 9 months ago

Great news! We have EXCESS cash. Why is everyone complaining? Would you rather we have a $20mill DEFICIT?

matt_72
Member
5 years 9 months ago

I’ll take a $20mm surplus any day of the week over spending that $20mm.[quote comment=”196020″]Great news! We have EXCESS cash. Why is everyone complaining? Would you rather we have a $20mill DEFICIT?[/quote]

realhobokennonyuppie
Member
realhobokennonyuppie
5 years 9 months ago

Great news????? Then why should people lose there jobs? Zimmer said that its her decision , citing a fiscal problem for laying off cops. Ummm, why do we need to lay police officers off? [quote comment=”196020″]Great news! We have EXCESS cash. Why is everyone complaining? Would you rather we have a $20mill DEFICIT?[/quote]

krewedetat
Member
krewedetat
5 years 9 months ago

No, but I’d rather have my tax cut that was promised. Not everyone in this town in made of money and some of us are struggling to stay above water with taxes going up every year. [quote comment=”196020″]Great news! We have EXCESS cash. Why is everyone complaining? Would you rather we have a $20mill DEFICIT?[/quote]

Easy-E
Member
5 years 9 months ago
Krew, that’s not true at all, Blah told me so, everything is fine, you people are probably just lazy.: 79. blahblahblah August 7th, 2010 | Easy E, stop with the rhetoric with the economy and tough times. Doesnt seem like it hit hoboken. Every restaurant, bar, lounge and store is packed. W-Hotel is on constant no vacancy. BTW, last nite on the news, 74,000 jobs were added in the private sector last month alone. Also 98% stated in a poll that they plan on giving out raises and bonuses even more next year as they are confident the economy has… Read more »
homeworld
Member
5 years 9 months ago

People actually paid that 47% tax increase? I appealed mine and won.

wpDiscuz