Jersey State Gov't to Take Over Atlantic City's Finances

Tuesday, Oct 5, 2010  |  Updated 3:30 PM EDT
View Comments (
)
|
Email
|
Print
Jersey State Gov't to Take Over Atlantic City's Finances

Getty Images

The roulette wheel spins at Caesars Atlantic City July 8, 2006 in Atlantic City, New Jersey.

advertisement

Atlantic City has agreed to let the state takeover the gambling town's troubled finances to help it get back on its feet.

The takeover was announced Tuesday by Gov. Chris Christie and Atlantic City Mayor Lorenzo Langford.

The arrangement will allow the city to spread to its budget deficit of $9.5 million over five years, sparing residents and businesses a significantly larger property tax increase.

Some of the benefits of state supervision include allowing the city to defer some expenses. The state may also provide staff and resources to help the city with its finances.

Get the latest headlines sent to your inbox!
View Comments (
)
|
Email
|
Print
Leave Comments
What's New
Follow us on Instagram!
We post photos taken by our news... Read more
Follow Us
Sign up to receive news and updates that matter to you.
Send Us Your Story Tips
Check Out