January 29, 2016
Rocked by Atlantic City’s economic misfortunes, Atlantic County is considering a 10-day furlough for all 1,500 of its employees.
Atlantic County Executive Dennis Levinson told The Press of Atlantic City the alternative would be cutting 20 positions permanently.
The furloughs should save between $1.5 million and $2 million this year.
Up in the air still is the equalized tax rate for Atlantic City, which has seen real estate values plunge and numerous challenges to tax assessments.
The city and county had hoped to have an alternative program of payments in lieu of taxes to provide a stable and dependable stream of money from casinos.
However, Gov. Chris Christie recently vetoed the plan, leaving taxes in the city and county in limbo.
Levinson said the county tax rate could go down 1.7 cents – or up 1.3 cents – depending on what amount is set for Atlantic City’s equalized value.
The city’s total real estate value is estimated at $7.4 billion, but that figure is not final.
On Tuesday, New Jersey Gov. Chris Christie announced proposed legislation that would allow the state to take over Atlantic City's finances. The plan would rewrite contracts between Atlantic City and its union employees and renegotiate millions in tax refunds.
To read the entire story in The Press, click here.
