A Wall Street credit ratings agency has warned that Atlantic City’s financial problems are unlikely to be solved by rescue legislation signed by Gov. Chris Christie earlier this month. Brent Johnson, NJ.com Read more
After a bill to constitutionally mandate that the state make quarterly public pension payments advanced in committee Monday, Republican lawmakers and business groups are calling for the legislature to reject the plan in favor of cuts and reform. The bill, which cleared the Assembly Judiciary committee today, would require half-payments toward the state’s $83 billion pension shortfall starting in 2017, then full payments in 2021. JT Aregood, PolitickerNJ Read more
Atlantic City breathed a sigh of relief last month when Governor Christie signed a badly needed and long-delayed financial rescue package for the resort town. Salvador Rizzo, The Record Read more
New Jersey beats only Massachusetts, Connecticut and a hurting Puerto Rico in a new state-by-state comparison of fiscal solvency by the Mercatus Center at George Mason University. Samantha Marcus, NJ.com Read more
The clock is ticking on city officials, who have five months to draft a five-year plan that includes a 2017 balanced budget or else face a state takeover. Christian Hetrick, Press of Atlantic City Read more
Gov. Chris Christie sought to put an end to the raging culinary debate over whether what to call the Garden State’s beloved breakfast sandwich. Claude Brodesser-Akner, NJ.com Read more
After months of delays and mutual recrimination between the city and state, the state Assembly and Senate approved an amended Atlantic City rescue package Thursday. The successful bill would give the city 150 days to balance its nearly $100 million budget shortfall for 2017, then hold it accountable for doing the same over a period of five years in order to avoid a state takeover of its finances. JT Aregood, PolitickerNJRead more
TRENTON NJ, Under a proposed bill customers would be required to pay 5 cents for every plastic or paper bag they use to carry their purchases .
An previous version of the bill (A3671) called for a bag ban by 2025, but sponsors discarded that idea. Efforts to curb plastic bag use have been under consideration since 2008 in the state legislature, including in 2012, although each time they have stalled.
California is the state that has a statewide ban on plastic bags and Hawaii has a de facto state ban because every county has adopted the policy.
If the bill becomes law, retail operators in New Jersey would begin charging 5-cent fee for each single-use carryout bag on June 1, 2017. Stores would keep a penny, as would the state Division of Taxation to administer the program.
The remaining 3 cents would be used to create the “Healthy Schools and Community Lead Abatement Fund” to support the testing of homes and schools’ water supply – a major cause of concern in the state.
While proponents of the ban claim “Plastic bags are a source of numerous environmental concerns,” We are still not sure how an additional tax is going to fix any environmental problems . Seems more to be another Trenton money grab using a “Feel good” ruse . Opponents say better yet to send the bags to Trenton so law makers can place them over their heads saving the taxpayers money and improving the quality of life in the state .
The warring tribes of Democrats in Trenton smoked a peace pipe on Thursday and tentatively agreed to rescue Atlantic City from bankruptcy at the last minute. Tom Moran, Star-Ledger Editorial Board Read more
As the two sides in the legislative debate over a state takeover of Atlantic City negotiate on a compromise between two dueling bills from Senate President Steve Sweeney (D-3) and Assembly Speaker Vince Prieto (D-32), the gaming capital’s state Senator said Monday that he places the blame squarely on the city’s shoulders for not approaching Sweeney with a counter-proposal weeks ago. Mayor Don Guardian and members of the city council have allied themselves with Prieto in pushing for two more years before the state takes over the city’s finances. JT Aregood, PolitickerNJ Read more
In an effort to stem public corruption scandals, the state Senate on Mondayunanimously passed a bill that would require all New Jersey elected officials undergo ethics training as soon as they’re elected. S.P. Sullivan, NJ.com Read more
A deal to help save Atlantic City from financial collapse could be in the works. Or maybe not. Brent Johnson, NJ.com Read more
Following a rash of sudden disappearances from Thursday’s Assembly session and Speaker Vince Prieto’s decision not to post his competing Atlantic City takeover bill, Senate President and takeover sponsor Steve Sweeney was noticeably agitated after five hours of delay and closed-door caucus meetings. Sweeney reiterated his call for the Speaker to post the version of the takeover bill passed in the Senate. With an anticipated 39 votes out of the 41 needed to pass his bill, Prieto decided to fight another day earlier that afternoo JT Aregood, PolitickerNJ Read more
An Atlantic City bankruptcy:promising for taxpayers, bad for politicians!
By Matt Rooney
Doomsday predictions were leveled, Save Jerseyans, but over one year removed from the Detroit, Michigan bankruptcy – the largest municipal bankruptcy in U.S. history –the Motor City is shaping up and making substantive progress. It can pay its bill and streets are being repairs. Sad as it is to stay, that’s huge.
You’re only surprised if you don’t trust the framework established by our Framing Fathers. Specifically, Article 1, Section 8, Clause 4 of the U.S. Constitution which authorizes Congress to enact “uniform Laws on the subject of Bankruptcies throughout the United States.”
And, of course, if you’re a politician fighting over Atlantic City like lions or hyenas battle over the scraps of a rotting carcass…
Continue reading…
The sun hadn’t risen yet when Don Guardian began his day at the Atlantic City public works yard. The mayor was facing the latest in a series of increasingly dire fiscal deadlines, and had just days to make a decision whether to make an $1.8 million interest payment on municipal bonds. If he and his advisors decided that shoring up day-to-day spending on the police and fire department and public infrastructure trumped their obligations to creditors, the city would be the first in New Jersey to default on its loans since the Great Depression. JT Aregood, PolitickerNJ Read more
