Committee Warns On Montclair’s Debt

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An independent committee has poured more salt into Montclair’s budget-gap wounds.

According to a report in The Star Ledger, the group warned Montclair’s town council this week that the size and structure of the town’s debt load could raise taxes by as much as 7.8 percent in the future. That’s because more than half of Montclair’s debt is held in low-interest, temporary notes that will need to be refinanced, and that will likely happen at a higher interest rate. The committee also called into question Montclair’s plans for a new community center.

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Virginia Citrano
Virginia Citranohttps://myveronanj.com
Virginia Citrano grew up in Verona. She moved away to write and edit for The Wall Street Journal’s European edition, Institutional Investor, Crain’s New York Business and Forbes.com. Since returning to Verona, she has volunteered for school, civic and religious groups, served nine years on the Verona Environmental Commission and is now part of Sustainable Verona. She co-founded MyVeronaNJ in 2009. You can reach Virginia at [email protected]

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