Governor Phil Murphy • Lt. Governor Tahesha L. Way
NJ Local Finance Board to hold Atlantic City budget hearing Wednesday – The Press of Atlantic City
As reported by The Press of Atlantic City, the state Local Finance Board is scheduled to hold a hearing on the city’s approximately $280 million budget Wednesday, August 13.
Under the Supervision Act and the Municipal Stabilization and Recovery Act, the legislation that governs the state’s oversight of the city, the Local Finance Board has to approve the city’s budget.
Of the $280 million, $125 million is being funded by the state through Casino Reinvestment Development Authority investment alternative tax funds, transitional aid and other forms. IATs are taxes of 1.25% levied on brick-and-mortar gaming revenues and 2.5% levied on internet gaming revenues. Before the state takeover, those taxes went to CRDA for reinvestment into Atlantic City to strengthen the state’s tourism economy.
Read the full article from The Press of Atlantic City.