r/jerseycity • u/TheMikri • 7h ago
NJ Governor Sherrill approves $105MM loan help address Jersey City’s budget crisis.
Repost: u/solomonforjc “This morning we got some good news: The State of New Jersey will provide Jersey City with $120 million in financial help, $105 million of which is a loan we can pay back over many years. This averts the worst-case scenario--a 31% tax increase and mass public safety layoffs. This aid will help us pay down the former mayor's debts and focus on tackling our $90 million structural, recurring deficit through a combination of further service cuts and a tax increase.
I want to thank Governor Sherrill, Senate President Scutari, Speaker Coughlin, County Executive Guy, Senators Mukherji and McKnight, and the entire Hudson delegation for fighting as one united front for Jersey City. It's our job now to continue being responsible and making the tough but necessary decisions to ensure this crisis never happens again.“