Dear Editor:
That the surplus in the Hoboken city budget is an emergency fund for unforeseen events was one of my comments at the council meeting of Oct. 6. Little did I know that a collapse would occur at North Sinatra Drive and would be declared a state of emergency by Hudson County and by the City of Hoboken. At this time, it appears to be the responsibility of the county, but it is good to know we have funds to quickly hire engineers and contractors to deal with this unexpected situation if necessary.
Additionally, it’s fiscally prudent to have this surplus to improve our bond rating, which will save us many thousands of dollars in interest when we may have to bond for capital improvements of city buildings, apparatus, emergency equipment, and other necessary costs. These may include, but are not limited to, the expected earned pay raises for all of our municipal employees, unfunded liability for contractual terminal leave and vacation pay for retiring employees, and the ramifications of the decisions and legal costs of the many lawsuits and legal actions pending.
In conclusion, I am glad to see that our governing body of nine councilpersons has passed a budget that is looking forward to a better future for Hoboken. It is a good start to finally have a savings account for a “rainy day.”
Richard Tremitiedi