On Tuesday afternoon, local listeners to WOND 1400 am Radio were treated to the first of what could be a series of updates on the financial condition of Atlantic City. Click below to listen.
Click here to download report.
For the past 2 months, Atlantic City has quietly endured a stated sanctioned no-holds barred audit by Governor Christie approved emergency managers for AC. Brief statements were made by Kevin Orr, Kevin Lavin, and Mayor Guardian.
GOAL
- Balance 2015 budget
- Stabilize property tax base
- No property tax increase for 2015
- Longer term fiscal stability
- Make AC desirable to investors & developers
Notable Quotes:
- More severe than originally thought
- Ratable base decline over %35 decline
- $101 million dollar budget short fall ( with no tax increase ) Must close that gap asap.
- $130 mil in costs are being looked at, for possible cuts.
- Hired Ernst & young to assist in financial analysis
- 60 separate meetings with stakeholders
Over next 90 days……
- Work on 2016 Budget
- Increased stability
- A more efficient AC City Government