More Bad News For Montclair

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Bad news if you’re a homeowner there, that is.

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.

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The bad news doesn’t stop there. Today, Moody’s Investors Service downgraded Montclair’s credit rating to Aa3 from Aa2.

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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. Now back in Verona, she contributes to a variety of publications and Web sites, and consults on social media. In Verona, she serves on the Verona Environmental Commission and HBW SCA, and has been part of many other civic and religious groups in town. A graduate of Rutgers University’s Environmental Stewards program, she has also run an after-school program on the environment for elementary school children here. You can reach Virginia at [email protected]

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