Municipal governments in New Jersey and throughout the United States are in a state of financial crisis. Economic pressures persist due to unfunded mandates, reduced funding by state and federal sources, long-term legacy obligations and collective bargaining agreements for public employees. At the same time, over-taxed residents and businesses demand a stop to ever-increasing taxes imposed either directly as assessments against property values or disguised as fees for the privilege of doing business with government at every level. Sound familiar?
When economic times were good, governments had easy access to cash and free-flowing capital, among other options, to pay bills. Now those options are few, and the impact is frustrating. As reported by the Associated Press on Sept. 5, economic uncertainty has chilled the municipal bond market and all but dried up access to capital for public works projects and the devices used to fund operations of government, with the value of municipal bonds nationwide down about 40 percent from the prior year.
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