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    Entries in Arizona (1)

    Friday
    Feb192016

    The Week in Public Finance: Atlantic City’s Intervention, New Pay-for-Success Projects and Arizona's Pension Reform

    A roundup of money (and other) news governments can use.
    BY  FEBRUARY 19, 2016

    Intervention in Atlantic City

    Top New Jersey lawmakers have finally announced details of their plan to take over Atlantic City’s finances.The proposal was unveiled this week in a state Senate bill that gives more power to state financial overseers.

    Atlantic City’s tax revenues have dropped dramatically in recent years as multiple casino closures have dried up the city’s main industry and revenue source.

    "The intervention plan will enable the state and the city to work together to accomplish what Atlantic City can't do on its own," said Senate President Stephen Sweeney, a co-sponsor of the bill. "The city's fiscal crisis is severe and immediate. ... The state has to take a more direct role."

    The bill would expand the role of the state's Local Finance Board chief so that they could not only renegotiate the struggling city's debt but also dissolve or consolidate city agencies and departments, share services with Atlantic County and sell city assets.

    Click to read more ...