Excerpt from an article in todays Press:
...
Gregory Mayers, the city's chief financial officer, met with
Steinmetz on Monday and said afterward that one of the reasons for
the reduction in city ratables was settlement of a $7 million tax
appeal on a group of redevelopment properties last year.
Other city officials later said that the settlement was with Asbury
Partners on tax appeals of the assessed values of certain properties.
The city, which has not introduced its 2007 municipal budget, has a
serious budget gap this year, in part because of a continuing $5
million deficit each year that came to light in the spring of 2001
and because new condominiums being constructed on the beachfront did
not become occupied and on the tax rolls as anticipated for 2006.
"The city's facing a serious gap in revenues, and we're in Trenton
and working with the state to address it," City Manager Terence
Reidy said.
Reidy said he does not yet have the answer for how the revenue gap
will be resolved.
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Can I say? - "I told you this plan would not work"
Werner
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