TAX, BUDGET & DEVELOPMENT INFORMATION
Once again, I am providing you with an update on the City’s financial condition. While the goal for this budget was to stabilize municipal taxes, we were in fact able to slightly reduce the municipal tax rate, by cutting the cost of governmental services. We’ve reduced the budget for the second year in a row, and for the first time in 14 years we’ve reduced the property tax levy.
These past four years have enabled the City to recover from fiscal collapse, even with the threat of bankruptcy with $250 million in debt. As a result of positive changes and fiscal responsibility, Perth Amboy has progressed. Listed below are the 2012 budgetary and public improvement highlights.
2012 BUDGETARY HIGHLIGHTS
- Vopak, Viridian Partners and Buckeye Partners, three major corporations, welcomed to Perth Amboy with an investment totaling over $600 million.
- By the end of this year, the overall inherited debt of $250 million will be reduced by $54 million.
- Since 2010, the budget has been reduced by $4.4 million.
- Standard & Poor’s, a financial services rating agency, gave a positive outlook to the City’s credit rating, resulting in lower interest and bond rates.
PUBLIC IMPROVEMENT HIGHLIGHTS
- Waterfront Community Center- completed and constructed with insurance funds and a CDBG grant
- Tennis Court Restoration- a$400,000 project funded by the Middlesex County Open Space/Recreation Trust.
- Waterfront 2010 Storm Damage- project funded by a $1.7 million Coastal Protection Grant and $1.1 million FEMA for bulkhead replacement and repairs to the waterfront walkway.
- Perth Amboy Train Station- preliminary design completed by NJ Transit for an ADA compliant train station and facility enhancements, including new elevator shaft, stairway, stairwell and elevator landing, will lead to the new high-level island platform and canopy that service Eastbound and Westbound trains.
- Capital Improvement Program- established to better serve residents by replacing outdated and overused City equipment, such as for pothole repairs, garbage collection and other facility improvements.
- Street Paving Project- $1 million in road reconstructions and resurfacing, about one-third funded by grants.
- Jefferson Street Parking Deck Improvements- to be completed in November, estimating a total of $1.25 million.
- Ambassadors Program- established in the Business District to maintain the central business area and assist visitors and shoppers.
- Perth Amboy Public Library- repairs including a new roof, replacement of all windows, barrier-free access, restrooms, and general interior improvements. The contract was just awarded.
- Wayfinding Signage Project- installation of over 100 directional, parking and historical markers throughout Perth Amboy.
It is through the efforts of every single resident in Perth Amboy that we have been able to accomplish these highlights. I want to thank you for your cooperation during these difficult economic times. The commitment of my administration has been to build a secure foundation for the City of Perth Amboy.
For more information please contact the Office of the Mayor at: (732)-826-7121.
Visit my official Mayor’s Facebook page at: http://facebook.com/mayorwildadiaz