CNB Archives published December 24, 2009
By Wil Levins | THINKING OUT LOUD
Gloucester City is in a financial crisis. Our City’s annual budget continues to grow as our liabilities and overheads swell. Our revenues are down and our property taxes continue to rise as our City attempts to get a handle on it’s soon-to- be crushing debt load.
To help solve this crisis we must rediscover Gloucester City’s history of manufacturing and the commercial industry. The Water Street Industrial Zone was once home to numerous manufacturing companies which paid substantial tax revenues to our City, employed hundreds upon hundreds of area workers and bolstered our local economy. Huge holes in our tax revenue, employment rate and total commerce were created when these companies left Gloucester City. Subsequently, property taxes and state aid requirements have increased as our community has become unable to support its obligations.
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