ZIMMER OUTLINES FISCAL RESPONSIBILITY BENCHMARKS TO LOCAL FINANCE BOARD - HOBOKEN, NJ
Mayor Zimmer announced that she proposed four benchmarks of fiscal responsibility to the State Local Finance Board, that if achieved should be given weight when the Board considers a request from Hoboken for removing State Supervision. These benchmarks were presented at the Local Finance Board meeting held on Wednesday, September 8th in Trenton by Hoboken transition counsel Edward J. Buzak. The local finance board agreed that it would be appropriate for Hoboken to apply for an end to State supervision after the benchmarks proposed by Mayor Zimmer were achieved.
They are:
- Adoption of a fully funded budget
- Completion of a certified audit
- Preparation, adoption and implementation of a Corrective Action Plan addressing any issues arising in the Certified Audit
- Hiring of a qualified Business Administrator
Zimmer, as part of her remarks before the Board, said, "These benchmarks, if met, I believe, would represent a fair and objective standard for determining that the State's fiscal monitoring of our City is no longer necessary."
Zimmer said, "I believe that we had a productive meeting and opened up what is likely to be an ongoing constructive conversation. I am strongly committed to taking the steps required to ensure fiscal responsibility. I appreciate the hard work and analysis that has been done by our fiscal monitor as we move to put our fiscal house in order... Our residents have paid a high price for budgets that were put together with smoke and mirrors. We must emerge from State supervision having set a different course, making accountability, transparency and sound budget practices the Hoboken way."
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