Teaneck faces fiscal challenges, including rising costs and increasing pressure on property taxpayers. What do you believe are the township's greatest financial challenges, and what specific steps would you take to address them? For incumbents, please also answer based on what you have already done.
Like all municipalities in New Jersey, Teaneck has to balance maintaining a required level of service of municipal operations with volatile costs for insurance premiums, fuel costs, asset and vehicle maintenance, and infrastructure rehabilitation. We have to be fiscally responsible to avoid overburdening residents and taxpayers with otherwise predictable and manageable costs. We will have to make tough choices about resource allocation and focus on the following areas: Prioritize Core Services: Protect funding for operations such as public works, public safety, recreation and senior services, and road maintenance while making responsible choices to support funding for critical discretionary programs. Defer Capital Projects: Evaluate capital projects and programs for consideration to scale back or reprioritize until market conditions improve. Asset Lifespan Optimization: Implement a proactive maintenance strategy for aging municipal equipment and vehicles. This will allow the township to extend the asset life and allow reallocation of resources for other critical capital expenditures.
I believe one of the greatest financial challenges is maintaining the services residents expect while keeping property taxes manageable. Much of the Township's budget is committed to salaries, benefits, insurance and other fixed costs, while the cost of providing services and funding capital projects continues to rise. I would want to understand the budget carefully and look at spending as well as revenue. While much of the Township's spending is contractual and therefore not easily changed, I believe we should continually examine where we can operate more efficiently. Shared services, whether with other municipalities or potentially with the Board of Education, may provide opportunities for savings. At the same time, we need to diversify our revenue streams so that we are not relying solely on property taxpayers. We should make every effort to identify and pursue available state and other grants, along with responsible development, bringing new businesses to town, PILOT agreements and other appropriate revenue-producing opportunities. I believe we need to strategically evaluate the budget, exploring new sources of revenue and ways to control costs, while maintaining the police, fire, parks and other services that contribute to our quality of life.
When it comes to fiscal challenges in the Township of Teaneck, there is no question that one of the biggest issues is the skyrocketed burden of increasing property taxes placed on our residents at any sign of progress. For far too long, we have been operating as if increasing taxes is the automatic solution to every expense. Home owners cannot afford to foot the bill for the lack of accountability, efficiency and attraction in our township. To help break down these rising costs and challenges, I would work diligently to strengthen Teaneck's commercial corridors by supporting and expanding our local business base, expand on opportunities for financial literacy and welcome responsible development. This will not only create space for business investments, but also lifts the continued burdens off of residential tax payers.
The greatest financial challenge would be simply keeping basic services going while fuel costs keep rising. Fuel unfortunately has a trickle effect into many areas which can cause supply shortages and rising prices for everyday items. When prices rise they usually take quite some time to come back down. To address this issue it comes down to simple budget practices. Do we need a park improvement? Do we need new heavy vehicles? Can we afford to fund community events? The imperfect answer is cutting from Capital projects as much as possible, ensuring basic Township services have enough budget, and looking into maintenance vs. replacement of aging equipment. It's not perfect to go into a maintenance versus replacement mode, but if we do squeeze a year or two extra lifespan for a smaller cost in the short term it could keep the Township solvent while we could save a little each budget year to do a replacement of a critical item.
