His entry on his blog from August 31st (todaystates:
"This Wednesday the City Council starts the public process of adopting Hoboken’s final 2010 budget. Behind the scenes, we’ve been at work since last March when last year’s budget was put to bed. The mayor, finance committee, and the council are committed to giving taxpayers a five percent tax cut. To cut any more in this six-month transition period would require state approval, and until we’ve had our fiscal house in order for some time, it’s very unlikely we could get such approval."
he continues......
"The introduced budget does use some of the surplus to reduce taxes, but it maintains $10 million as working capital and as a cushion against financial shocks. This is toward the high end of the accepted 5-10% range for well run municipalities and will speed us toward a better bond rating. Given our history and exposure this is just what we should be doing."
To read the whole post go to:
http://www.lenzforcouncil.com/2010/08/introducing-budget.html
My comment: There you have it. A rational explanation a why why the budget and the tax cuts are only 5% and no pandering to the media playing to the possibly lesser informed voter for cheap political points. I will leave it up to you the reader to decide which council person that is. ◦
