Latest Jersey City mayor blames Fulop administration for $250M budget shortfall
Mayor James Solomon released a video on social media detailing the shortfall.
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Jersey City Mayor James Solomon put out a new report stating that the city has a $250 million budget deficit for the year. This is roughly 28% of the entire operating budget.
Solomon released a video on social media detailing the shortfall. He says former Mayor Steven Fulop’s administration prioritized short-term political gain over the city’s long-term fiscal health. Solomon accuses Fulop of using a series of budgetary tricks and one-time gimmicks that have now run out.
"When the federal money ran out, Mayor Fulop doubled down on the budget tricks, selling city property, raiding the rainy-day fund, borrowing to pay operating expenses, pushing bills into the future. By 2023, nearly 26% of the city's revenue came from these one-time gimmicks. That can't be repeated,” Solomon said.
Jersey City’s credit rating has been downgraded in recent years. In December, one of the credit agencies characterized Jersey City as a “financially struggling city with a deteriorating liquidity profile.”
Fulop issued his own statement about Solomon’s claims.
"We obviously disagree...It's also worth noting that James served on the City Council for eight years with full budget responsibilities. During that time, he never raised any of these concerns and actually voted for virtually every contract and resolution that came before the Council...,” Fulop wrote in part.
