Dear Editor:
This week, I was pleased to present to the City Council the Fiscal Year 2004 Municipal Budget, a $57.3 million spending plan which again calls for no tax increase in the municipal portion of the rate.
It is an austere budget which calls for a $2.7 million reduction of the municipal payroll and a taxpayer savings due to the refinancing of the city’s General Obligation Bonds to benefit from the historically low interest rates.
The 2004 budget is significantly lower than last year’s when we had to reconcile over $4.7 million in expenditures from the previous administration and is less than my adjusted budget of 2003. I have reduced the cost of legal and accounting fees by more than $2 million during the course of my administration. I am also seeking to continue to reduce other city expenditures, such as overtime now and into the future.
The bond refinancing issue, an important element of the budget, will allow the city to reduce annual debt payments while providing the municipality the capital to undertake three key projects: the acquisition of open space for recreation and the development of a new Public Works garage and a central fire station.
We are building for the future. We have commitments of over a quarter of a billion dollars to rebuild our schools and our transit hub. Before the end of September we will unveil our new Master Plan to guide future economic development. Our southern waterfront development has resulted in thousands of new jobs and economic opportunities throughout the city, and we are seeing an increase of young families who choose to call Hoboken their home. Hoboken has truly become a regional destination.
With this budget, it is my intention to continue to hold down city costs in subsequent years to maintain the current municipal portion of the tax rate while providing residents with essential services and programs which Hoboken residents expect.
Mayor David Roberts