Jersey City Ward E Councilman James Solomon, a mayoral candidate, is picking up where he left off last week when discussing the city’s finances, exclaiming that “we need to clean house” after Moody’s downgraded their credit rating for the second time in three years.
By John Heinis/Hudson County View
” … For every year that I have served on the council, I have voted against this administration’s budgets because they failed to invest in working families or place our city on firm financial footing. This decision will directly affect the families and taxpayers of our city by raising our bond costs,” Solomon said in a statement.
“We need to clean house, bring in a top-notch budget team, and do proper, long-term financial planning. I have a plan to do it. The stakes are too high for anything less — our communities and local businesses can’t afford continued mismanagement.”
In addition to the drop in their Moody’s score, SPGlobal dropped Jersey City’s rating from an “A+” to an “A” due to “deteriorating finances.”
They cited “increased expenses, deferred charges, and a decreased reserve position” for their explanation for the drop, adding that the general outlook remains stable.
Last week, Solomon released a financial plan if elected mayor that called for completely revamping the city’s Finance Department, auditing the municipal utilities authority and redevelopment agency, and halting one-time budget fixes, as only HCV reported.
“ … By rooting out waste and establishing New Jersey’s first independent municipal Inspector General, we will hold the City accountable and ensure fair contracting practices,” he said at the time.
“Furthermore, I’ll fight for a fair share of state school funding and implement reforms that ensure developers pay what they owe, allowing us to bring down debt and maximize funding for our schools.”
A city spokeswoman declined to comment on Solomon’s remarks.
Other declared mayoral candidates include former Gov. Jim McGreevey, ex-Board of Education President Mussab Ali, Hudson County Commissioner Bill O’Dea (D-2), Council President Joyce Watterman, and Police Officer Christina Freeman.
The non-partisan Jersey City mayoral race is set for November 4th.
Murphy, Fulop and Bhalla – each leaving behind a bit of a financial mess. Political ambition will do that, especially in an ethically challenged environment such as NJ.
Two pretty obvious solutions; cap and monitor campaign finances and consolidate services where it makes sense.. Why do we need 21 County governments? Why do we need East Newark? Why do we need Craig Guy? Why do several prominent HudCo pols hold multiple full time jobs? We cannot afford to operate this way any more.
Yeah, I’m sure this liberal twit will save Jersey City.
Clean house i have been saying this all my 57 years I have lived in jersey city n served here n seen it go down Solomon is on that needs to be cleaned out of office
Vote against every budget.
Criticize the incumbent’s financial practices.
Pledge to root out waste, fraud, and corruption.
If it sounds familiar, it should.
That’s how Fulop got to be mayor.