Thursday, March 28, 2024
HomeBeyond ParsippanyN.J. may allow your town and county to borrow to avoid public...

N.J. may allow your town and county to borrow to avoid public worker layoffs and cuts to services

Gov. Phil Murphy signed a bill earlier this month authorizing the state to borrow as much as $9.9 billion to offset revenue losses amid the pandemic.Now it may be local governments’ turn to borrow. .The Senate Budget and Appropriations Committee on Tuesday approved a bill allowing towns and counties to sell bonds backed by property taxes to help cover lost revenue from taxes and fees and unforeseen expenses related to the coronavirus.The state Assembly passed the bill 57-20 with three abstentions in May.Despite fairly stable May property tax collections, local government officials say they’re …

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Frank L. Cahill
Frank L. Cahill
Publisher of Parsippany Focus since 1989 and Morris Focus since 2019, both covering a wide range of events. Mr. Cahill serves as the Executive Board Member of the Parsippany Area Chamber of Commerce, President of Kiwanis Club of Tri-Town and Chairman of Parsippany-Troy Hills Economic Development Advisory Board.
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