Jersey City lawmakers have approved a 15% property tax increase as New Jersey’s second-largest city grapples with what the administration describes as a historic budget crisis.

City officials say the administration secured a $120 million aid package from the state and cut more than $58 million in city spending in an effort to limit the tax increase and protect basic services.

“This budget is a significant step toward solving our historic fiscal crisis and protecting basic city services,” Jersey City Communications Director Nathaniel Styer said in a statement.

Styer said the mayor fought for the $120 million state aid package to reduce the burden on taxpayers and protect services, including right to counsel, safer streets and public safety.

“In the end, we cut city spending by over $58 million and limited this year’s tax increase to the lowest possible level,” Styer said. “While both the cuts and tax increase are painful, we believe they are the first steps toward getting Jersey City’s finances back to healthy and stable.”