Dear Editor:
If Mayor Cunningham reschedules Jersey City’s debt payments in a way that uses up future bonding capacity, all he will be doing is making it possible for the city to maintain its roads and parks in the future.
A better solution to Jersey City’s financial challenges is to control spending and to fight for increased state funding for the city. Our state tax dollars do not belong to Jim McGreevey. They belong to the people. And the people want more of their state tax dollars to be used for basic services and for property tax relief.
When I was Mayor, I slowed Jersey City’s spending and borrowing dramatically. In fact, in inflation-adjusted terms, the city’s total spending and debt fell significantly.
Additionally, to lower property taxes, I tried to get more state funding for Jersey City, and to accelerate city revenue growth from new development.
Mayor Cunningham is doing the just opposite. He is accelerating city spending and borrowing, saying “no” to available state funding, and slowing new development. This is a dangerous course. For the sake of our citizens (who deserve decent services, roads and parks), and for our homeowners (who don’t want the value of their property to be destroyed), I implore Mayor Cunningham to change direction!
Sincerely,
Bret Schundler Former Mayor of Jersey City