Letters to the Editor

Status Update #4

a7a5acdfafcd8df2b685_mini_magick20171229-87976-1ilsaok.jpg
a7a5acdfafcd8df2b685_mini_magick20171229-87976-1ilsaok.jpg

As another year comes to an end, I wanted to present a fourth status report to share my thoughts for the upcoming year, as well as some of the things we have accomplished in this past few months. Since my last update, we had an election that has significantly changed the makeup of Council for 2018. I look forward to working with Marjorie Fox, Matt Gould and Beth Little in addressing the priorities of our community.

Recently, the City administrator provided some statistics on economic activity in town. Construction value has jumped 49% since 2015, and is up 28% from 2016. The total construction value is approximately $106 Million for 2017.  Moreover, in our downtown, new businesses have popped up. Unlike when I ran in 2015, when there were nearly a dozen vacant storefronts, now there are just a few stubborn vacant stores. In part to address this, I have been involved in efforts to change what is permitted by downtown first floor zoning. Through Summit Downtown Inc. and the Planning Board, we have started the process of evaluating where it would be permissible to allow indoor recreational options (e.g., arcades, escape rooms, virtual experiences), tasting rooms and breweries, and instructional schools and studios (e.g., cooking and creative arts), and any restrictions in how they are situated. I expect that by early next year that there will be revisions to first floor zoning in the downtown.

Despite the relatively strong economic conditions in our town and its desirability, starting in 2018, we may see some headwinds. Specifically, as most are aware, the Trump tax bill squarely hits Summit residents as it limits the State and Local Tax (SALT) deduction to $10,000 for both income and property tax deductions. In addition, the tax bill, according to reports, caps mortgage interest deduction to a house value of $750,000 and eliminates interest deduction for new and existing home equity loans. In a recent article, it was pointed out that Moody’s Analytics had determined Union County, NJ, as tied for first place as the county worst hit by the tax bill in the entire nation. They estimated that house values would reduce in excess of 10% in our county. Naturally, we will have to see how this plays out—projections such as these may not turn into reality and individual situations may differ from any potential collective impact. Additionally, a change in Congress could lead to restoration of the full SALT deduction, or a cap at a higher level.

Sign Up for E-News

In the meantime, what the federal tax bill does is that it forces us to look even more closely at our budgets. This is something I addressed twice at recent Council meetings. Nonetheless, we must recognize that government operations are circumscribed by, among other things, long-term contracts that have been entered into, community expectations of services, and federal and state statutory mandates. Thus, while I have been a strong advocate of “needs” rather than “wants,” it is also necessary to temper expectations for budget-cutting as to what can be done in the short term. But, we can take steps to reduce long-term costs, such as via our recent approval of consolidating court operations with New Providence, allowing Summit to save $500,000 over the next five years, and nearly $120,000 per year thereafter.   

Let me close, however, with not talking about economics and finances. A community is not just people paying taxes, living in the same zip code, or using similar services. Rather, a community is individuals caring for each other.  This year has witnessed some terrible tragedies in our little city, with the loss of individuals who contributed a great deal and who touched so many lives. To see how folks have responded is a testament to a place that one can proudly call home.

I expect that we will have an exciting year with a new Council. And, I wish all of you joy and peace in the New Year.

Best,

David Naidu, Member - Summit Common Council, Ward 1

 

The opinions expressed herein are the writer's alone, and do not reflect the opinions of TAPinto.net or anyone who works for TAPinto.net. TAPinto.net is not responsible for the accuracy of any of the information supplied by the writer. Click here to submit a Letter to the Editor.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Summit

To Our Current and Future Representatives

July 17, 2018

To Our Current and Future Representatives - Wherever They May Be:

We can never forget we are a nation of immigrants. 

We cannot fall prey to fear, ignorance and anger when we  have been historically driven by freedom and justice. 

We must have the courage and will to fight hate, bigotry and prejudice. 

We must not wake up to what we hoped was a bad dream and ...

Upcoming Events

Carousel_image_92eaadab4fea5d764092_edc2dcd4802a1c409d7c_screen_shot_2018-04-03_at_1.15.57_pm

Sun, July 22, 8:00 AM

Summit Summer Farmers Market, Summit

Summit Farmers Market

Community Calendar Food & Drink Green Health & Wellness

Carousel_image_3104d62d4140717c0d39_c4b1c442498721eb1133_da642dc68aa7d0728e5c_9de480c638b23e5ff30b_15439854_1068128309964954_2075775014450964550_n

Sun, July 22, 5:00 PM

Central Presbyterian Church, Summit

Summer Outdoor Worship with BBQ

Arts & Entertainment Religions And Spirituality

Carousel_image_b7bf86ab9b5cba4793d9_347facfa8ac6817752ac_19055513_10158829487705483_8854478692329281822_o

Mon, July 23, 7:45 AM

17 Kent Place Boulevard, Summit

Monday Morning Yoga

Health & Wellness

Summit Police Blotter

July 9, 2018

6/19 - Peter Ferguson, 31, of New York, New York was arrested on a contempt of court warrant out of Point Pleasant Beach. Mr. Ferguson posted bail and was provided a new court date.

6/22 - At 1552 hours a report was taken for a theft of one thousand (1,000) mops from Overlook Hospital. The reporting individual indicated the theft occurred between 6/10 and 6/21. Taken from a storage area ...

Audio: Point View's Petrides Details Three Things to Watch During Earnings Season on 'Wall St. Unplugged'

July 20, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, on Wall Street Unplugged discussing portfolio positioning during earnings season:

curzioresearch.com/three-critical-things-to-watch-during-earnings-season

For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing ...

Video: Point View's Dietze Says Valuations, Buybacks, Dividend Make Financials Attractive

Point View Wealth Management's Founder, President and Chief Investment Strategist, David Dietze, appeared live on CNBC detailing the outlook for financial stocks and more:

cnbc.com/video

For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing customized portfolio management services and comprehensive ...

Picking up the Pieces – The Benefits of Account Consolidation

Over a lifetime of investing we often have numerous accounts located at different financial firms.  Rarely are these accounts managed with a grand plan that takes into account all the individual pieces.   Account proliferation can be detrimental to your investment performance, increase your risk profile, and lighten your pocketbook.  

Account consolidation offers the ...

AtlantiCast

AtlantiCast: Episode 18

On this week’s AtlantiCast, you’ll find out how accessing care at Atlantic Health System is now easier, more affordable and closer to home than ever, learn which item from the produce aisle could be the newest weapon against cancer, see what Atlantic Health System, the New York Times and Instagram all have in common and much more.

 

 

Are You Ready for Your Child to Turn 18?

If your son or daughter is turning 18, here are a few things you need to know:

If you have an UGMA/UTMA savings account for your child, did you know those assets are his/her legal property and once that instrument matures (most often 21 years old or 18, if you designated that at time of account creation), those assets are at your child’s disposal with no restrictions or ...

Would Shedding

How much wood wouldn’t a woodchuck chuck if a woodchuck could chuck woodn’t?

 

Enough already.  

 

I get it.  It is an easy mistake to make, misusing would and wouldn’t.  It happens to me all the time.

 

“Honey, when I said I didn’t see any reason why I would go to the ballet, I meant to say I couldn’t see ...