Wednesday, June 17, 2020

Millions in bond swap with the library to aid the Hoboken budget gap?

NJ.com reports the Hoboken Library may if the City Council approves it, make an exchange of $4.6 million in capital funds for a bond from the City of Hoboken to aid it in covering its massive budget deficit this year.

The Ravi Bhalla budget deficit was reportedly in the area of $14 million prior to the pandemic.

From the NJ.com story:







Talking Ed Note: The NJ.com story confirms the weekend reporting here to premium members over the weekend. It's unclear if the action is legal under the rules governing NJ municipalities forbidding bonding to cover actual budget expenses. 

The proposal on the City Council agenda is put up by the Bhalla Administration but the City Council remains in the dark asking when it will see an actual budget? There's no answer forthcoming.

The budget dominoes are tumbling one over another. Where's the transparency?