The Atlantic County Executive offered his STATE OF THE COUNTY address last week. Denny Levinson shared a recap of good and not-so-good facts. The former school teacher, as usual, made historical and biblical references that helped drive home some points. (Watch Video)
Some highlights:
In the last 8 years, the State of NJ was downgraded 11 times.
Fallout from PILOT continues. Frozen taxes for casinos for 10 years. Who will handle the burden of new taxes? Local non-casino & County taxpayers, that’s who.
NJ State had control of Atlantic City since 2010. State was deep inside the AC financial office since for past 7 years. State had their hands on the wheel.
Trenton allowed Atlantic City’s local government to deteriorate while under a state monitor since 2010.
Everybody except NJ, knew how to tax casinos fairly. The County had to return $65 mil due to tax appeals from mainly, the casinos.
Atlantic City had a 40 year head start. One of only 2 gaming venues in the country. AC blew it.
The city’s ratable base declined from $20.4 billion in 2008 to $8.4 billion in 2015, according to the OLS, Office of Legislative Services.
Atlantic County and Liberty & Prosperity currently in court against the PILOT.
Upgrade your house? You’ll be taxed. Whereas a casino can build a convention center, a pool. They get no additional taxes.
AC should have filed for bankruptcy? A monopoly for years. Billions wasted. The big build of casinos, but no improvements to non-casino assets. State takes luxury tax to subsidize money losing Boardwalk Hall & Convention Center, properties that lose $20 mil each year. The $7 mil budget of MeetAC is also head scratcher too.
Let the city go bankrupt, many say. Atlantic City has 39,000 residents, with a $250 million dollar budget. Are you kidding me?
How much will county get? 10.4% not 13.5% $4 million short. All of Atlantic County will handle that bill.
Don’t put your faith in Princes.
Atlantic County Financially Saved The Stockton Project.
· The State couldn’t do it. Stockton couldn’t do it.
· During groundbreaking, Levinson & County were dissed. Bigtime.
Don’t judge me by the friends I’ve made, judge me by the enemies I’ve made.
Did you know? Atlantic County changes their auditors every three years.
Levinson has pushed for county wide assessments. In light of highly erratic assessments in many South Jersey towns. Brigantine is facing assessment backlash from 2nd homeowners who pay the majority of taxes, while using least amount of services.
NJ Gov. Murphy signed executive order to audit controversial tax subsidy programs. That’s $8 billion in corporate tax breaks, a form of corporate welfare, from Former Gov Christie since 2010. Under the executive order, the audit compares economic benefits against the quality of jobs created, and how much was spent on fees for lobbyists and consultants.
Atlantic City suffered from wasted allocations as well. One of them being the TN Bidco fiasco. $3 million in small business loans destined to help minority business disappeared under guidance of then Mayor Langford and Council President, Speedy Marsh.
Christie, Atlantic City and the CRDA are regularly criticized for a variety of ‘Make Work’ and taxpayers-be-damned projects: beach replenishment & dune building, state house renovations, Boardwalk Hall lobby upgrades, land banking, PILOT law, etc.
· $8.4 billion in tax breaks since Christie took office in January 2010. Compare that to just $1.2 billion in subsidies awarded during the previous decade.
· NJ state spends $162,000 in economic incentives for each job, Massachusetts spends just $22,000 per job created.