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Hoboken business administrator warns of eight‑figure structural shortfall as municipal budget is introduced
Summary
Business Administrator Jason Freeman told the City Council Hoboken’s recurring revenues no longer cover recurring expenses, urged fiscal choices and introduced the municipal budget; council scheduled two budget workshops and voted to introduce a cap‑bank ordinance.
Business Administrator Jason Freeman told the Hoboken City Council on the evening the city’s recurring revenues no longer meet recurring obligations and that the city has been using one‑time fixes that are nearly exhausted. Freeman introduced the municipal budget for the coming year and asked council members to use the required minimum 28‑day review period to propose substantive amendments.
Freeman said Hoboken’s “recurring revenues do not meet recurring expenses,” and that savings mechanisms used in prior years — surplus, utility transfers and other one‑time measures — have been drawn down. He listed major structural cost increases, citing pension obligations, debt service tied to recent bonding (including the DPW site), health‑insurance increases and higher…
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