Saturday, August 22, 2009
Tornoe toon: Cash for Clunkers in Atlantic City
So Atlantic City passed their $200 million budget, but things look rough for the gambling mecca moving forward.
Here are some numbers from Michael Clark's Press of Atlantic City piece:
• The city has to defer more than $6 million in payments to the state's pension system, leaving a large hole that needs to be filled next year.
• The budget includes an $11 million increase in taxes
• The city had to raid their piggy bank to pay for the budget, depleting their surplus by $9 million, all the way down to $850,000.
But hey, at least the air show was cool.