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GLENN D. CUNNINGHAM MAYOR CITY HALL JERSEY CITY, NJ 07302 TEL:(201) 547-5200 FAX:(201) 547-4288

The top priority of my financial plan for Jersey City is to keep taxes down. When I became Jersey City's mayor in 2001, I inherited a $54 million deficit. On top of that, state aid was reduced from $17 million in 2001 to just $2million this year. Even with these challenges my administration kept its promise not to raise taxes. We did this through belt tightening and by refinancing the city's debt at the current historically low interest rates.

We refinanced over $122 million in bonds, resulting in a savings of $14million this fiscal year. As a result, the State Local Finance Board praised Jersey City for putting together a long­range fiscal recovery plan. I am proud to say our hard work has paid off. Best of all, this budget allows us to hire 60 new police officers and 50 new firefighters, and purchase new fire engines and new police cars – all without raising property taxes.

We have also extended the franchise agreement with the Municipal Utilities Authority which has given us the ability to plan for tax stability for the next three years. This plan will allow the Authority to increase its' franchise payments to Jersey City from the current $16 million a year to $30 million a year over the next three years. While the state is struggling to close a $5 Billion deficit, and New York City is facing the lay-off thousands of city workers, Jersey City is providing tax stability for the next three years, and also hiring emergency service personnel to keep you safe.

Our newly created finance department and grants office is paying off by helping to reduce the burden on our taxpayers through sound, long-term financial planning. The grants office is searching for new revenues to pay for city services.

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