As a former CFO and finance executive, managing finances has been the focus of my entire professional career.

And of the ten budgets I’ve worked on as your City Councilwoman, this one is by far the most difficult. Not just because of the financial challenges we face, but because we need five votes to pass a budget and avoid a state takeover. And with the mayoral race in full swing, politics are making that even harder.

 

For the past decade, I’ve led the City Council’s efforts on the budget and taxes—delivering reductions to Mayor Bhalla’s proposed tax increases every year. The only other public voice on the budget was typically Team Bhalla, just following the mayor’s lead. That was the dynamic.

 

If you’d like to see the full record, you can go to this page to see my Financial Leadership, which includes the 50+ budget newsletters I’ve sent since 2018 to engage and inform you every step of the way.

 

I’m hesitant to blend my campaign for mayor with my role as your Councilwoman, especially on the most important fiscal decision of the year. But this time, the two cannot be separated. This moment is filled with financial uncertainty, and I hope you agree it calls for new leadership – a different kind of mayor with financial acumen and proven experience—who is ready to step in on day one, bring order to the chaos, and restore accountability to City Hall.

It is the reason I raised my hand to run. I know what it takes and I feel so strongly that we simply cannot afford to get this wrong.

Not a surprise, this is on the longer side, but it’s an important read—so grab a coffee, your favorite chair and let’s dig in. And as you read, I encourage you to reflect on the kind of leadership Hoboken needs right now.

 

QUICK RECAP

• Mayor Bhalla introduced his municipal budget with a $4.6M /  6.9% tax increase.

• The City Council is scheduled to vote Wednesday to adopt his budget – I plan to vote no.

• In a year where making cuts has been difficult, I proposed an amendment that would reduce the increase by $1.9M, lowering it to 4.1%. I am still working on the five votes needed to pass it.

  • CM Presinzano proposed an amendment with a similar outcome.

  • CM Russo submitted one that, lets just say, was more designed to make the headline he wants, but not a realistic or implementable budget.

• If the Council does not adopt a 2025 budget, the city could face state oversight, as it did in 2008—meaning Trenton could take control of our finances, limit spending, and override local decisions.

• The city sent out estimated tax bills for August with a 6% total tax increase; expect a further increase in November up to 3% depending on how this unfolds.

 

HOW YOUR PROPERTY TAXES BREAK DOWN

 

Only the “Hoboken” piece- representing about 32% of your total bill- is set by the Mayor and Council. Here’s a breakdown of the full 2025 tax levy (including the mayor’s proposed 6.9% increase):

The Library tax is set by state statute, increasing with property values, and the Hoboken and County Open Space taxes are set by local ordinance. Notably, although the County Tax Levy increased 5.9% this year,Hoboken’s share decreaseddue to Hoboken’s share of countywide property values declining.

 

HOW WE GOT HERE

 

Over the past several years, Hoboken has made big investments in parks, infrastructure, public property and public safety - investments our community values and that I’ve supported. But under Mayor Bhalla’s leadership, these were often done with bonding and without realistic budgets, transparency, or any long-term financial plan. Instead, the costs have been pushed to taxpayers—without a clear path forward.

And now, we’re feeling the impact.

 

We’re facing a perfect storm of rising expenses, limited recurring revenue, and past decisions that have placed us on an unsustainable financial path. Since 2023, we’ve seen:

• Hoboken’s debt more than double - from $144M to $320M - at a time when interest rates have surged

• Sharp increases in costs for sanitation, insurance, and pensions

• Significant hiring across city departments, including recreation, housing, parks, and public safety

• A heavier reliance on one-time revenues like surplus (our savings) and temporary state aid

 

In 2025 alone:

• Debt service continues to climb

• We’ve staffed up our long-underfilled police department—but without prior budgeting

• Several PILOT agreements expired, reducing recurring revenue

• Group health insurance costs have spiked

• And we’re using surplus faster than we can replenish it

 

What hasn’t changed? Our ratable base. Meaning the same group of taxpayers is being asked to carry all of this.

 

WHERE IT BROKE DOWN

 

In Hoboken, the mayor proposes the budget, and the City Council reviews, amends, and adopts it. But once passed, the actual spending is up to the mayor. That’s where the disconnect often begins—not just in process, but in priorities.

 

Council members who were not politically aligned with Mayor Bhalla, like myself, have consistently focused on fiscal discipline, strengthening resident services, and planning for the future. But the administration has often made choices driven more by politics than long-term responsibility.

 

Here are just a few examples:

• We reduced legal budgets to rein in litigation costs—but the mayor kept spending on politically motivated legal fights.

• We added funding to expand the city’s Housing Division—but the administration delayed the hires.

• We consolidated constituent services under the mayor’s office to streamline operations—but instead of preserving the program, the mayor eliminated it in favor of keeping a senior political aide.

• When we asked for transparency on multiple major park projects that were advanced—Monarch, 800 Monroe, Maritime Park, and more—headlines were announced instead of clear budgets or sustainable funding plans.

 

These decisions weren’t made in a vacuum—they reflect a pattern: announcements first, financial reality later.

 

MY PROPOSED AMENDMENT: A BALANCED, RESPONSIBLE SOLUTION

My amendment delivers immediate relief for taxpayers while giving us time to identify sustainable revenue sources and reset Hoboken’s finances for the long term:

• $900K in policy-driven cuts: Freeze all discretionary development and new spending for the rest of 2025—this includes halting redevelopment projects, planning studies, non-essential capital, and reducing special counsel costs. Our focus should be maintenance and quality of life, not launching new projects that strain resources.

• $500K by slowing healthcare reserve growth: We need to build reserves for future costs, but doing so through tax increases now isn’t fair to today’s taxpayers. This adjustment gives us breathing room to find sustainable solutions.

• $500K in targeted operating cuts: Reduce spending in areas with known inefficiencies or budget padding. We can’t rely on the mayor to make these cuts based on past practice, but this gives residents relief now and time for longer-term planning.

 

WHAT OTHERS PROPOSED

 

• CM Presinzano proposed a more granular approach with small, realistic cuts across many line items—ultimately similar in total impact to mine.

• CM Russo submitted a “0% increase” amendment that is, frankly, fiction. It proposes cuts to contracted services and existing salaries that can’t legally or practically be made. He cut $1.9M from sanitation under contract, and $700K from police salaries—even after voting for the police contract and more hires. Once you remove what’s not legal or possible, his proposal lands near mine.

   

No other council member or mayoral candidate submitted any proposed amendment. I am discussing with my colleagues a way to reach consensus on an amendment to avoid a state takeover.

 

NEEDED CHANGE

We can’t keep relying on one-time fixes and political optics. This is about Hoboken’s future and under our new mayor we need long-term solutions, not band-aids.  As I mayor I will:

• Find sustainable sources of revenue without relying on ever-increasing property taxes or taking unnecessary risks.
• Negotiate better deals with developers and stop giving away city properties at fire sale prices in exchange for political favors.
• Restructure City Hall so that resources align with the needs of the city. This would not necessarily include cuts, but would ensure we have the right people in the right seats across all departments, performing at their best and highest – and most efficient – level for Hoboken residents.
• Bring more activities in-house like financial forecasting and planning to cut unnecessary costs while creating better engagement from our current staff.
• Limit the use of debt for only long term investments that carry generational benefits and seek offsetting grants or other sources of funding for community benefits.
• Bid out contracts to end the corruption tax residents pay with municipal contracts being given out to donors and political allies.
• End frivolous lawsuits and those that protect special interests.
• Complete long-overdue IT upgrades to create a more efficient operating system to improve services for Hoboken residents and reduce costs.
• Review and tighten financial controls to ensure taxpayer dollars are spent wisely and protected from abuse or fraud.
• Reduce duplication of services – work closely with the Hoboken Business Alliance, Stevens and our local schools for more shared services.
• Require budgets and future impact analyses for all capital projects and acquisitions before they are approved.
• Grow the tax base strategically by getting already-approved developments built.
• Demand more from Hudson County, especially in public safety and return on our Open Space Trust contributions.
• End tax breaks for market-rate housing—full stop

 

WHY THIS YEAR MATTERS

In past years, we’ve managed to delay tough choices—relying on surplus, temporary state support, and short-term fixes. But 2026 will be different. The administration has projected a budget gap as high as $20m next year. Even a conservative estimate of $10m would require difficult trade-offs. Why?

• Rising debt service tied to major projects like the waterfront repairs and SW Park

• Surplus savings depleted, leaving less to plug future gaps

• Costs from new union contracts and long-overdue police hires

• Healthcare expenses expected to continue climbing

• State limits on tax increases could restrict our ability to raise revenue

 

This isn’t just a rough year—it’s a financial turning point.

 

As a different kind of mayor, I will bring strong financial experience, transparency, and a resident-first approach so we can reset the city’s course. We can create a long-term strategy that meets Hoboken’s needs without overburdening taxpayers.  

 

This moment is about more than this year’s budget—it’s about securing Hoboken’s future.