Earlier this week, Brigantine City Manager; Jen Blumenthal got a rare “OK” from the state of New Jersey to borrow more than $1.4 million. Why was this rare? Brigantine had already hit the tax cap…so we had to ask permission in order to raise the debt/tax limit. This new, additional city debt will help fill the hole created from revenue lost due to tax appeals.
The Brigantine 2014 municipal budget will have to deal with losing $144 million in tax ratables this year. In 2012, Brigantine lost $192 million in ratables.
City Manager Blumenthal will call for a special council meeting seeking approval to borrow the $1.4 million. As a condition for the borrowing, restrictions have been placed on Brigantine’s ability to hire employees without state approval.
Read full details here from Mike Feely in the Beachcomber News.