Mayor Ravinder S. Bhalla has introduced a municipal budget that keeps municipal taxes stable for the 8th straight year, with a zero percent increase in the municipal tax rate.
In the proposed budget, the City will invest $5 million in water main improvements and $2.2 million in road resurfacing projects. Additionally, the city is planning to acquire the Union Dry Dock property, valued at $11.63 million, to advance the City’s plan of a contiguous waterfront.
“As your mayor, I’m committed to making fiscally sound decisions on behalf of our taxpayers,” said Mayor Ravinder S. Bhalla. “This budget’s stable tax rate fulfills a promise I made to residents last year on the campaign trail while allowing us to make new investments in quality of life projects, including infrastructure upgrades and additional open space.”
In addition to a stable tax rate, revenue to the City will increase by 3.8%, due in part to the City’s growth in property tax ratables. The City will also maintain a healthy budget surplus to help protect Hoboken’s finances in case of an emergency, so taxpayers are not faced with hardship due to any unforeseen circumstances.
Talking Ed Note: MSV noted previously the effort by Mayor Ravi Bhalla in his first year is laudable although there are built-in costs for health insurance and pension unsustainable in future years, even with using tax revenues coming online with ratables and increased surplus utilization.
The challenge to City Hall and the City Council is reducing some costs now as the escalations elsewhere will no longer allow for a flat tax structure.