Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Newark council adopts 2025 municipal budget; tax rate set at $4 per $100 assessed valuation
Summary
The Newark Municipal Council approved a resolution cancelling 2024 appropriation reserves and adopted the 2025 municipal budget, setting the final tax rate at $4 per $100 of assessed valuation. Council members expressed concern about late budget timing, pending labor contracts and state loans the city must repay.
The Newark Municipal Council on Tuesday approved a 2025 municipal budget package and a separate resolution cancelling certain 2024 appropriation reserves, setting a final municipal tax rate of $4 per $100 of assessed valuation.
Business Administrator Eric Pennington told the council that after final calculations the rate fell from 4.016 per $100 of assessed valuation to a flat $4. "The ultimate rate went down from 4.016 per $100 of assessed valuation to a flat $4," Pennington said. The council then voted to adopt the three budget motions (authorization, amendment and final approval) together; one member voted no.
The vote on the 2025 budget package (items 8A–C on the special meeting agenda) followed public discussion among council members about the timing of the budget, likely cost pressures from a pending revaluation and several outstanding collective bargaining agreements. Council members urged the administration to tighten expenditures and present next year’s budget…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
