Atlantic City Manager Rules Out Bankruptcy For $101M Deficit
By Martin Bricketto (March 24, 2015, 7:20 PM EDT) -- An emergency manager for Atlantic City, New Jersey — which is facing a $101 million budget deficit because of its shrunken tax base — floated $129 million in potential cuts, revenue increases and delayed payments as part of an interim report Tuesday that doesn't mention bankruptcy.
The 60-day report from state-appointed emergency manager Kevin Lavin paints a bleak picture of Atlantic City's financial health and said that, despite the best efforts of state and local officials, the decline in the city's tax base and other revenue sources has only gotten worse. Without cost reductions, financial aid and other measures, the deficits...
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