Baristanet is reporting that Montclair is among 13 towns in New Jersey that yesterday were granted the right to exceed the 2.5% spending cap sought by Gov. Chris Christie.
Exceed it it will: Montclair residents will be hit with a 10% tax increase under the town’s budget for the coming fiscal year. And if they are steamed by the decision, they will have to wait to cool off. To close its budget gap, Montclair has pushed back the opening of its no-frills town pools to June 24 and slashed their operating hours to just 1 to 7 p.m. daily.
The bad news doesn’t stop there. Today, Moody’s Investors Service downgraded Montclair’s credit rating to Aa3 from Aa2.