Committee Warns On Montclair’s Debt

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.