Cash-strapped New Jersey, facing staggering budget deficits similar to other states, offered bailouts to the New Jersey Sports and Exposition Authority, instead of sensible public dialogue about the necessity.
Real estate property taxes in some communities are in excess of $20,000 per year because of poor fiscal policy.
Why does anyone believe this makes sense?
Gov. Chris Christie to make sure N.J. sports authority stays afloat
TRENTON — The Christie administration is tossing an emergency life line to the New Jersey Sports and Exposition Authority in an effort to keep it temporarily afloat.
The state, in a special budget resolution, will guarantee that the financially strapped authority does not run out of cash. But officials said control over any additional spending will be placed under the direct oversight of the Division of Budget and Accounting.
Before any state money is appropriated, however, the authority must first go through the money it already has on hand — including an $18 million reserve fund.
The authority operates the Meadowlands Sports Complex in East Rutherford — which includes the Meadowlands Racetrack and Izod Center arena — and Monmouth Park racetrack, and was seeking a $32.9 million operating subsidy from the state for 2010. It would have been in the red this year without a $15 million infusion in advance rent payments from the stalled Xanadu project, but that money is now gone.
Real estate property taxes in some communities are in excess of $20,000 per year because of poor fiscal policy.
Why does anyone believe this makes sense?
Gov. Chris Christie to make sure N.J. sports authority stays afloat
TRENTON — The Christie administration is tossing an emergency life line to the New Jersey Sports and Exposition Authority in an effort to keep it temporarily afloat.
The state, in a special budget resolution, will guarantee that the financially strapped authority does not run out of cash. But officials said control over any additional spending will be placed under the direct oversight of the Division of Budget and Accounting.
Before any state money is appropriated, however, the authority must first go through the money it already has on hand — including an $18 million reserve fund.
The authority operates the Meadowlands Sports Complex in East Rutherford — which includes the Meadowlands Racetrack and Izod Center arena — and Monmouth Park racetrack, and was seeking a $32.9 million operating subsidy from the state for 2010. It would have been in the red this year without a $15 million infusion in advance rent payments from the stalled Xanadu project, but that money is now gone.
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