By James Solomon and Michael Yun

Our public schools face a financial crisis. Over the next six years, their budget shortfall will grow to an astronomical $270 million gap. That number comes from a $170 million cut in New Jersey state aid coupled with an existing $100 million hole, as calculated by state formula.

The consequences of this shortfall have arrived. Our children already endure cuts to after school programs and shuttered water fountains, poisoned by lead. Without prompt action, layoffs and school closures are next.

The stakes are high. Jersey City's public schools serve 28,575 students. Despite our city's growing economic success, seven out of 10 students live in poverty. With over 70 schools and childcare sites, these cuts won't be borne only by our children; rather, families throughout the city will suffer as layoffs mount.

It is not just a moral imperative that Jersey City find a way to start filling the dire budget hole our schools face. It is a financial necessity.

To address the school funding crisis, we are proposing a five-point school funding plan, starting with the tool provided to Jersey City by the state of New Jersey:

1. Ensure abated waterfront properties pay their fair share through a payroll tax. The proposed 1 percent payroll tax will fall hardest on billion-dollar waterfront real estate developers -- in the form of both the payroll tax and lower commercial rents. Those who have benefited from generous abatements over the past 30 years must pay their fair share.

2. Our city's government should share abatement revenue with our city's schools. Currently, billions of dollars of Jersey City real estate pay exactly $0 in property taxes to the school district. For developers who received abatements prior to 2017, the city keeps 95 cents on the dollar, passes a nickel on to the county, and gives the schools nothing. Under our plan, the city would make the schools whole over 10 years by transferring an additional $4 million to the schools annually. Over 10 years, the total payment of $40 million will equal the abatement revenue that should be shared with the schools

3. Share future abatement revenue with the schools. In the new year, we will propose an ordinance requiring all future abatements share the same percentage of revenue with the schools that they would under normal property taxes. This ordinance will eliminate the perverse incentive for developers and City Hall to cut deals that short change students.

4. Audit the school district. The Board of Education should order an immediate audit of the school district's budget to find savings. The audit should leave no stone unturned, including analyzing union contracts and patronage hires.

5. Amend the payroll tax to support small businesses. The payroll tax already creates an incentive to hire local by exempting Jersey City residents from the tax. We can go further. We must demand change from Trenton to allow for a full exemption for small businesses.

This plan forces all stakeholders -- real estate developers, city government, and the school district -- to share in the pain of addressing the school funding crisis. In short, it asks the city's leaders to lead.

Despite overheated claims, there's no evidence a 1 percent payroll tax would devastate our business community -- and our schools desperately need the revenue it would provide.

Without the payroll tax, the burden will fall directly on two groups. Homeowners through property tax increases. The other victims: Our city's schoolchildren.

The wealthiest in our city can -- and should -- pay their fair share.

We have long believed that there is no investment more sound, no investment that yields greater returns, no investment more telling of who we are, than our investment in our public schools. It's time for Jersey City to make that investment.

James Solomon represents Ward E, Downtown, on the Jersey City council.

Michael Yun represents Ward D, the Heights.

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