In the News - Newark Receives $45M in Aid
How long are New Jersey taxpayers going to take this type of abuse? A $45M dollar bailout, state designations as a “Distressed City” and oversight of hiring and finances -
QUESTION - What’s the definition of insanity?
ANSWER - Doing the same thing over and over again - and expecting different results.
How about taking a % of this $45M and using it to offset the rural policing charge in the 89 municipalities?
Newark gets $45M in aid in exchange for state oversight
Newark accepted a $45 million bailout from New Jersey taxpayers today, in return for accepting the state designation of “distressed city,” and allowing state oversight of hiring and finances.
The special infusion will head off what otherwise would have been a property tax increase of almost $800 for the typical Newark household, said Michelle Thomas, Newark’s acting business administrator.
Thomas said the city needed the emergency aid despite a series of reform efforts since 2006 that have trimmed the city payroll by 453 people, cut the city budget by $52 million and boosted revenue from payroll taxes and other sources by millions of dollars.
“We’ve come a long way in a short period of time,” Thomas told members of the state’s Local Finance Board today. “We have proven that investments in Newark yield results.”
Members of the finance board voted 5-0 with little discussion to approve Newark’s application for the special state aid. The new aid is in addition to about $108 million in standard municipal aid already included in the state budget for Newark.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment