Wednesday, January 28, 2015
County Budget $5 Million Higher Than Last Year
Atlantic County freeholders introduced a $201 million 2015 budget Tuesday afternoon and heard about a countywide property assessment proposal that supporters say will save taxpayers more than $7 million every 10 years.
The budget is up from $196 million last year, and the amount raised by taxation is up slightly. The tax rate goes up about 0.2 cents to about 40 cents per $100 of assessed property value, County Executive Dennis Levinson said.
But hanging over the conversation about money was uncertainty regarding Atlantic City.
The city’s property values are continuing to drop, and no one is sure what its value will be by the time the budget is final in a few weeks, County Administrator Jerry DelRosso said.
Entire article at
http://www.pressofatlanticcity.com/news/breaking/atlantic-county-freeholders-introduce-budget/article_2069f9a2-a68e-11e4-9852-b346f9266c74.html
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4 comments:
The county needs to cut it's budget to reflect the loss of value in Atlantic County. The budget has grown 5 to 7 million every year for the last 5 years. County spending needs to be curtailed to reflect the loss of value in Atlantic City.
The other communities in the county cannot be expected to subsidize Atlantic County. It is long overdue for the county to reign in the spending problem it has grown out of control.
One of the biggest worries for the County is the fact that MGM has been paying outrageous taxes on its undeveloped H tract property and is sure to appeal soon. Add to the mix the other casinos particulary in the Boardwalk area whose net value has also dropped.
More than likely . the Emergency management team in AC will recommend Chapter 9 in a few months.
It seems to be a rule that in good times politicians add programs and staff but in bad times they are quite unwilling to cut . Even in Mullica which is controlled by more fiscally conservative Republicans it has been decades since taxes were not increased let alone cut back. While elected officials say they feel the pain the taxes increase and more and more folks head South -what else can they do? Seems that more folks are now being carried in the social welfare cart
The owners of the Borgata, Harrah's, Tropiciana are all billionaires. How can they become so extremely and massively wealthy over the past 20 years?
It seems that our leaders have not worked out very good deals for our area. Many people have become incredibly wealthy and are now skipping town and letting the remaining middle class shoulder all the expenses.
Can anyone tell me how a bankruptcy of Atlantic City will affect the rest of the residents in Atlantic County?
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