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Hubberman: ‘It’s Time For A Reality Check On Taxes And Debt’

Candidate for Perth Amboy Mayor Common Sense Approach to Improve Economy

Sharon Hubberman, Candidate for Mayor of Perth Amboy, announced today the results of her assessment of the city’s finances. Hubberman is an executive in the financial services industry with over 16 years of experience. According to Hubberman, the numbers match what city homeowners have been feeling about the increase in their real estate taxes. The City’s real estate tax levy went from $44,145,512 to $57,364,304 in a span of only three years, 2008 to 2011. That represents a cumulative increase of 30% for those three years, or a 10% increase over each of those years.

“When you’re managing other people’s money, you need to utilize the funds in the best interest of the people you are serving. You must look at the economic landscape in order to give meaningful advice and direction in how you’re going to manage the fiscal responsibilities that come with the duties of being the mayor,” Hubberman said.

The current mayor claims that she reduced the debt. But according to Hubberman, the city’s debt statements tell a different story. In her assessment, the 2008 debt statement showed an outstanding debt of $161,184,203.00 (excluding school’s debt). In the current mayor’s first year in office, the debt grew to $223,855,664.00 (excluding school’s debt), which is an increase of $62,671,461.00 or 39%. As of the 2011 debt statement, the city’s outstanding debt was $205,631,258.00. That means the debt burden has increased 28% under the current mayor’s watch and has not decreased as indicated in the city’s debt statements.

“If we give the current mayor the benefit of the doubt that she reduced the city’s debt to $196 million as she states, that is still a substantial increase from when she took office in 2008 according to the City’s debt statements…. Even if she refinanced or restructured any existing debt, she did it poorly because that refinanced or restructured debt still caused an increased tax burden to the home owners,” Hubberman said.

Think about it this way. If you are having difficulties paying for the roof over your head and feeding your children, can you really afford to pay off your entire credit card debt or a significant portion of it? Of course not.

“This is one of the reasons why I am running for office. I understand the nature of the new economy, and you must take a common sense approach when managing the city’s finances, and do so prudently,” Hubberman said. If economic times worsen in 2013, with a looming dollar decline, inflationary pressures, and a lagging GDP, the city of Perth Amboy is in for a windstorm. “I am uniquely qualified to bring progress to the city of Perth Amboy because I have the experience of managing millions in the worst financial market and helped others achieve their dreams through my business and finance acumen. My commitment to the residents is that through better planning, Perth Amboy will have a brighter future.”

In a crowded field of “business as usual” political insiders, Sharon Hubberman is a fresh face to city politics and is optimistic about the city’s prospects. “What the other candidates may view as an insurmountable challenge, I view as an opportunity to expand the growth rate this gem of town deserves. The city is poised for an economic turnaround under the leadership of the right person, and I am that person” said Hubberman.

On Saturday, October 6th, 3:30 PM at the Waterfront Park on Sadowsky Parkway in front of the Veteran’s memorial, Sharon Hubberman will unveil a key growth strategy of her IMPACT plan that will enable the city’s progress and help the city succeed in the new economy. The public is invited to attend this event.

Press Release: 8/1/12

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