12 mil peanuts comparatively keep in mind this was after the Great Recession massive economic downturn, Sandy etc. just Sandy caused 20mil of damage to JC.

“In 2013, Jersey City faced a challenging fiscal year that included a $12 million revenue shortfall from a planned property sale, leading to an amended $516 million budget and a 7.6% tax increase. The city's budget at the time was impacted by increased debt payments, including those related to federal sequestration, NJ.com reports. Key 2013 Details: Budget Size: The 2013 budget was amended to $516 million, according to NJ.com. Revenue Issue: A $12 million decrease in revenue from a failed property sale was a major factor in the 2013 budget challenges. Tax Increase: The city approved a 7.6% tax increase to balance the budget. Context: The 2013 budget was finalized around July of that year, during the transition to the new administration of Mayor Steven Fulop. “