Atlantic City halfway to debt relief | Local News
“This is the very definition of a competent government,” said Oliver. “As the city’s debt service is further reduced, the state and city will continue to work together to try to further reduce the municipal tax rate and increase services for people who live, work and visit the city. “
As long as property taxes remain stable or fall, as they have over the past two years, residents understand the need to tighten their belts, Shabazz said.
“I can tell you for sure that the mayor understands this and understands the numbers very well,” Costello said. “You have a team in place with state oversight that really controls where the spending goes. It has been successful for the past four years.”
Community Affairs Department spokeswoman Lisa Ryan said the city’s chief financial officer, Toro Aberderin, prepares monthly income and expense reports and that a team of city finance staff and government met at least once a month starting in September to work on the budget for the following year.
“The city’s financial health has improved every year since 2017,” said Ryan.
Costello has said that some of the bonds have become “callable,” meaning they are eligible after a period of time for refinancing, and is currently continuing to refinance the 2012 tax call bonds to save money. the city.
After 2015, Costello said, it became impossible for the city to borrow more without a state guarantee, and interest rates on bonds rose.