Summary
North Jersey towns are finding it nearly impossible to borrow money because of the credit crisis -- and officials fear a wave of property tax appeals and delinquencies could follow if the economic outlook doesn't improve soon.
Cities and towns across the region are putting major projects and big-ticket purchases on hold, betting the crisis will ease in a matter of weeks or months. Still, many finance directors aren't taking chances, telling department heads not to expect any spending increases next year.See the full content of this document
Extract
Towns Delay Projects, Consider Layoffs
Municipalities were already reeling from a 7.2 percent cut in state aid, announced in July, when the bottom fell out of the credit market in mid-September.
Since then, hiring freezes have been imposed or extended, and some city officials have warned that they may be forced to cut services or lay off employees to keep their budgets balanced. All of it is ...See the full content of this document
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