JERSEY CITY – Mayor Steven M. Fulop has announced today in a press release that he has signed an executive order that will dedicate 10 percent of the revenue from future tax abatements to the Jersey City Public Schools, with the revenue being shared through an unrestricted transfer of funds at the end of each calendar year.
“For the past four years we worked on correcting the fiscal mismanagement and structural deficit that we inherited from past administrations, and were able to deliver four consecutive years of no tax increases and three consecutive credit upgrades,” said Mayor Fulop. “With the city’s fiscal house on solid footing, we believe now is the right time set the standard that tax abated properties contribute to the board of education to relieve the burden on all of our city taxpayers.”
The executive order also includes revenue on tax abated commercial hotel properties, the press release says.
“On behalf of the Jersey City Public Schools, I thank Mayor Fulop for continuing to work in the best interest of our children,” said Dr. Marcia Lyles, Superintendent of Jersey City Public Schools. “We have seen tremendous growth and progress in our schools, and know this will continue that forward momentum.”