Hoboken City Council Introduces 2015 Draft Budget

During Wednesday’s public meeting, the Hoboken City Council introduced their 2015 draft budget, which included a potential $1.1 million increase to the municipal purpose tax rate.

This increase would represent a 0.9 percent bump from last year, according to statistics provided during the meeting.

According to the city’s finance director, the proposed budget would result in a $21 increase to a Hoboken home valued at $518,000.

In a memo to the City Council, Mayor Dawn Zimmer stated that a $1.18 million increase in group health benefits was largely responsible for the potential tax levy hike. According to the memo, the 2105 draft budget proposes the use of $8.8 million of surplus as revenue to help compensate for the increased costs.

During Wednesday’s meeting, the City Council approved an ordinance to exceed the municipal budget appropriation limits and establish a cap bank.

NEXT STEPS FOR THE DRAFT BUDGET

Over the next months, the Hoboken City Council will hold a series of public workshops and hearings leading up to the budget’s final approval hearing.

The next scheduled City Council meetings take place at City Hall, 94 Washington St., on the following dates:

· Wednesday, April 1, 7 p.m.

· Wednesday, April 15, 7 p.m.

Send news tips and releases to eric.kiefer@patch.com