The Greater Atlantic City Chamber issues the following statement in response to the stalled legislation relating to Atlantic City’s recovery:
“The Greater Atlantic City Chamber urges state and local officials to come together and agree on legislation that will provide much-needed economic relief and stabilization for Atlantic City as well as its businesses and residents.
Two years ago, the Greater Atlantic City Chamber commissioned a study about the best way to tackle Atlantic City’s fiscal problems. The study, which has now been posted (see link below), outlined a number of recommendations that would help stabilize costs and taxes for Atlantic City residents and businesses alike.
While some of the recommendations from the study have been adopted, not nearly enough has been done to address Atlantic City’s fiscal crisis. It is now critical that action be taken immediately in order to prevent further business closures or job losses.
The situation has become so dire that if state and local officials are unable to come to an agreement that is in the best interest of area businesses and residents in the next several days, the Chamber encourages leaders to immediately step forward and implement stabilization legislation that is respectful of the concerns of state, county, local government and the business community. We cannot afford legislation that provides relief in one area but puts a burden on another.”
January 2014 – Atlantic City Budget Assessment
HR&A – Atlantic City Budget Assessment – Final Report – January 2014 (PDF)
HR&A Advisors, Inc. and Public Financial Management, Inc. (PFM) were engaged by the Greater Atlantic City Chamber between April 2013 and January 2014 in response to growing concerns by the business community that the City’s high property tax rates and deficiencies in fiscal stewardship were driving away business investment. Using data available at that time, the purpose of this study was to identify and prioritize opportunities to reduce the property tax burden and improve the cost effectiveness of municipal and school district governments.