In case you missed it, last week my administration introduced our first budget to the City Council that does not include any increase in the municipal tax rate. I’m committed to making fiscally sound decisions on behalf of our taxpayers, and this budget’s stable tax rate fulfills a promise I made to residents last year on the campaign trail.
This is the latest string of good news for Hoboken’s finances, including the announcement earlier this year that Standard and Poor’s confirmed Hoboken’s excellent AA+ credit rating, the second highest rating for a municipality. Thanks to our strong financial footing, we are able to make more new investments in quality of life projects including the acquisition of additional open space, $5 million in water main improvements, $2.2 million in road resurfacing projects, a new office of constituent services (coming soon), allocation of funding for a new Special Improvement District to support small businesses and provide cleaner streets, and much more.
And, while Hoboken will not see an increase in the municipal tax rate, we will continue to maintain a responsible budget surplus. This surplus will help protect Hoboken’s finances in case of an emergency, so taxpayers are not faced with hardship due to any unforeseen circumstances.