You have to go to the 3rd decimal place to find it, however, for the 4th consecutive year, Atlantic City will deliver a tax decrease for their municipal taxpayers.

Atlantic City Mayor Marty Small has announced that the fiscal year 2023 City budget will feature a tax decrease of $ 0.0523

The City of Atlantic City has a proposed 2023 budget of more than $ 225,000,000.

At a budget announcement event, Small said:

This is the strongest the city's finances have been in a very long time, and we're just getting started," said Small. I want to thank everyone involved, from our budget team, to our department heads to the State of New Jersey who helped make this happen.

But let's make one thing clear, this isn't the state's budget, this is the city's budget. If you think today is something, wait until more and more financial announcements come out that benefit the taxpayers, such as a continuous revenue stream of $5-million that's dedicated to tax relief. We're working extremely hard to provide more with less.

In the Atlantic City Mayor - Council form of government … it is known as a “weak” mayor and “strong” city council format … whereby the mayor proposes and the city council disposes.

Once the mayor submits his proposed annual budget, it becomes City Council’s budget ftom there.

Additionally, by state of New Jersey legislation, the state has full control of all operations of the Atlantic City local government.

Small revealed the names of the team that prepared the $ 225,881,360.74 fiscal year 2023 budget. They are:

  • Business Administrator Anthony Swan.
  • Chief Financial Officer Toro Aboderin.
  • Budget Officer Tom Monaghan.
  • City Auditor Leon Costello.
  • State Fiscal Monitor Wes Swain.

Swain is the most important player here. First, because the state of New Jersey has total authority over all functions of the Atlantic City local government.

Second, Swain is the former Somers Point, New Jersey City Council President and long-time Somers Point City Administrator.

Swain is one of the brightest minds in the state of New Jersey when it comes to governmental financial operating knowledge.

About the budget process, City Administrator Swan said:

"Initial requests from our departments were $ 25-million over the budget this year," according to Swan. "Our budget team talks with the mayor about his vision for the city and we break down the money we can allocate based on that vision.”

”This budget is difficult to put together because our main revenue source is property taxes, and with that one revenue source, the mayor told us 'you will not increase taxes of the residents. But we do the best we can so our department heads can accomplish the major goals they want to accomplish.” said Swan.

SOURCE: Atlantic City Mayor Marty Small budget address.

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