Newark 2023 City Budget Vote Getting Closer; $20M Gap Is ‘Bridged’

NEWARK, NJ — Decision day for the municipal budget in New Jersey’s largest city is getting closer.

Newark business administrator Eric Pennington gave a brief budget update during a pre-meeting session of the Newark City Council on May 2 (watch the video below).

Council member Carlos Gonzalez prompted Pennington for news on the municipal budget, which makes up one part of a local homeowner’s property taxes along with school and county levies.

“April is gone, we were supposed to get the budget in April – it’s already May,” Gonzalez said. “So where are we?”

“We are close,” Pennington replied, adding that the city’s spending plan may be ready for the council’s review “in a week or so.”

According to Pennington, a budget gap of about $20 million has been bridged with an increase in “cost cutting measures.”

The proposed budget will face further review from the council, as well as a public hearing and vote.

SCHOOL BUDGET

Property taxes in New Jersey are made up of three parts: school, municipal and county. Here’s how that played out in Newark last year:

• School – 30.9%
• Municipal – 54.3%
• County – 14.8%

Local voters overwhelmingly approved the 2023-2024 budget for the Newark Public School District in the school election on April 25. Read More: See Election Results For Newark Board Of Education, Budget

Under the budget, the school portion of Newark homeowners’ taxes will drop by $15 per year for the average property valued at $175,000, coming in at $1,936.

• See Related: Newark Will Vote On School Budget In 2023 Election (What To Know)
• See Related: Average Property Tax Bill In Newark Is Growing, Latest Data Shows

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