As you figure out how you will pay off your holiday spending, consider the debt facing Montclair: $187,737,097.32! Montclair Chief Financial Officer, Dianne C. Marus delivered the news at the Township Council’s Dec. 27 meeting. Mayor Ed Remsen, quoted in today’s Montclair Times, says the massive debt — money the municipality has borrowed for capital project — is manageable.
√¢‚Ç¨≈ìThe [$180,737,097.32] does not concern me as long as there is predictability,√¢‚Ç¨¬ù Remsen said. √¢‚Ç¨≈ìWe feel confident about our [bonding] decisions, but don√¢‚Ç¨‚Ñ¢t want to wake up one day and see major tax spikes.√¢‚Ç¨¬ù In recent years Montclair has approved significant capital projects, including a high-tech new school and an upgraded Fire Department Headquarters. This year√¢‚Ç¨‚Ñ¢s capital budget was $8 million. √¢‚Ç¨≈ìThe town has made appropriate investments in buildings and infrastructures, which is critical when looking at the whole picture,√¢‚Ç¨¬ù Remsen said. √¢‚Ç¨≈ìRoads are redone, schools updated and parks renovated. We are not trying to build a palace here, but streets and sewers need to be maintained. All the while, we need to remain prudent.√¢‚Ç¨¬ù