Post by Logan on Jan 16, 2016 5:18:01 GMT -6
The emergency manager appointed by Gov. Christie to analyze Atlantic City's finances said Friday that "parochial" political interests were impeding progress there and endorsed a state takeover of local government.
In his final report to the governor, Kevin Lavin said the city must enact structural changes and take bolder steps to cut costs, by monetizing assets to close a projected $300 million deficit over the next five years and be financially stable thereafter. He did not recommend bankruptcy.
Lawmakers are considering legislation that would transfer the local government's powers to the state - a plan that won the backing of the city's 10,000-member casino workers' union Friday.
Despite closing a $120 million deficit in 2015, Lavin said, Atlantic City's momentum "has been stalled by parochial politics that continue to inhibit progress, all to the detriment of the taxpayers of Atlantic City."
Continue reading at www.philly.com/philly/news/20160116_Report__A_C__needs_more_state_oversight.html
In his final report to the governor, Kevin Lavin said the city must enact structural changes and take bolder steps to cut costs, by monetizing assets to close a projected $300 million deficit over the next five years and be financially stable thereafter. He did not recommend bankruptcy.
Lawmakers are considering legislation that would transfer the local government's powers to the state - a plan that won the backing of the city's 10,000-member casino workers' union Friday.
Despite closing a $120 million deficit in 2015, Lavin said, Atlantic City's momentum "has been stalled by parochial politics that continue to inhibit progress, all to the detriment of the taxpayers of Atlantic City."
Continue reading at www.philly.com/philly/news/20160116_Report__A_C__needs_more_state_oversight.html
