Post by Logan on Apr 24, 2016 4:00:46 GMT -6
Atlantic City sick-leave payouts a factor in financial struggles
ATLANTIC CITY — An old State Commission of Investigation report on the city paying employees millions for unused sick and vacation time in the mid 2000s almost foreshadowed the city’s current economic crisis.
“The fiscal impact of these practices can be significant, particularly in an economically distressed municipality such as Atlantic City where a budgetary shortfall in early 2009 prompted local officials to apply to the State for more than $9 million in extraordinary aid,” the 2009 report states.
In its 2015 budget, the city relied on $13 million in transitional aid and $33.5 million in anticipated revenue the state inserted into the city’s budget that never materialized.
While large terminal-leave payments are not the city’s largest expense, it’s a practice that has dogged the city for years and drawn the ire of Gov. Chris Christie as he continues to tout a state takeover of the resort.
Read more: www.pressofatlanticcity.com/ac_impact/a-c-sick-leave-payouts-a-factor-in-financial-struggles/article_8e240f4a-08f9-11e6-82c5-73b89c08d150.html
ATLANTIC CITY — An old State Commission of Investigation report on the city paying employees millions for unused sick and vacation time in the mid 2000s almost foreshadowed the city’s current economic crisis.
“The fiscal impact of these practices can be significant, particularly in an economically distressed municipality such as Atlantic City where a budgetary shortfall in early 2009 prompted local officials to apply to the State for more than $9 million in extraordinary aid,” the 2009 report states.
In its 2015 budget, the city relied on $13 million in transitional aid and $33.5 million in anticipated revenue the state inserted into the city’s budget that never materialized.
While large terminal-leave payments are not the city’s largest expense, it’s a practice that has dogged the city for years and drawn the ire of Gov. Chris Christie as he continues to tout a state takeover of the resort.
Read more: www.pressofatlanticcity.com/ac_impact/a-c-sick-leave-payouts-a-factor-in-financial-struggles/article_8e240f4a-08f9-11e6-82c5-73b89c08d150.html