Tonight, there was a proposal to move Trenton's budget from a fiscal year – July to June – to a calendar year – January to December, like most municipalities across New Jersey.
The result would be more than a $30 million surplus in the City's budget.
Why? As we embark on an 18-month budget transition from July 2021 through December 2022, we would need to make only one pension payment in April 2022. However, we would still get two State aid payments in November 2021 and November 2022.
We thank Council for its input and advancing the proposal to second reading on June 10, 2021. We also want to thank the N.J. Department of Community Affairs, which has supported us throughout this process, including making a related presentation before City Council on Tuesday.
Over the next few weeks we look forward to hopefully finalizing this transition, which would help us achieve another zero percent increase (and possibly a reduction) in property taxes for our residents.