Beth Mason has lied once again about Hoboken’s budget surplus. Last year was her false $20 million surplus claim. The municipal levy is the only item we can control. We can’t control county, state and federal grants. Check the truth out yourself. Go to:
Click on the “Government” tab.
Click on “Government Finances.”
Scroll down to “audits.”
Click on the “Transitional Year Financial Statement,”
At the bottom of Sheet 3A it says “Fund Balance.” This is where you can find Beth Mason’s fictitious “surplus.” Note that it does not say surplus anywhere on this page.
On Sheet 21 it clearly states “cash surplus.” Last year the correct surplus was $11.83 million. The correct figure for this year is $14.7 million.
You can prove it by comparing the same Sheets for the State Fiscal Year Financial Statement of 6/30/10 at
Beth Mason’s $25 million surplus lie is the Fund Balance which contains noncash items, primarily an accounting gimmick from Mayor Robert’s underfunded budget. She got her lie wrong by originally calling it $27 million. At least her lie is now consistent with her convoluted and incorrect facts. On the finance page you can also find the correction letter from our auditor disproving Beth Mason’s claim.
The 2010 State Fiscal Year Statement, on Sheet 17, shows that on 6/30/10 Hoboken raised $61.5 million in taxes. The Zimmer administration and the former majority cut that to $54 million by 12/31/10. A mere six months. This is found on the same Sheet 17, in the Transitional Year Financial Statement. This is a true Budget Hawk reduction of 12.1 percent. Budget Hawks tell their constituents the truth. Budget Chickens such as Beth Mason do not. These figures do not include the one time shot of $1.83 million returned to taxpayers in the 4th quarter of 2010 from the true cash surplus of $11.83 million. One time shots should be utilized prudently, not through Beth Mason’s style, which is fiscally reckless. Our remaining $5 million cash surplus (after $10 million is set aside for prudent reserves) is needed if Hoboken is ever able to finance our debt properly. What are we to do if another pier collapses? It’s simple: Beth Mason will cause your taxes to be raised. Of our $68 million (not including the contingent liability of $52 million for HUMC) debt, $31 million is structured one year at a time. This is an asset/liability mismatch, which you can find on Sheet 8.
If the Mason/Russo Budget Chickens deplete our remaining surplus, Hoboken taxpayers will be crushed by climbing interest rates. The Zimmer Budget Hawks have delivered, while the Mason/Russo Budget Chickens are trying to stop them at every turn. The idea that Beth Mason is suddenly a Budget Hawk and is working with Mayor Zimmer is laughable and absurd.
Tell Beth Mason to stop lying and treating her 2nd Ward constituents as if we are ignorant, childish fools. We are not.