May 5, 2016

Atlantic City investment agency fails to publish annual report on time

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The New Jersey agency charged with investing proceeds from Atlantic City’s casino business to create jobs and otherwise benefit the South Jersey region has failed to publish its annual report by its May 1 due date.

A spokeswoman for the agency, known as the Casino Reinvestment Development Authority (CRDA), said its board had not yet approved the annual report.
“They are meeting again on 5/17, I’m not sure if it will be on the agenda for that meeting,” spokeswoman Karen Martin added in an email.
As a government agency, the CRDA has to publish audited annual financial statements. These help taxpayers see how the agency is being run and how it is spending its money.
It was not clear why the CRDA’s board had not yet approved the report.

The CRDA’s board includes Atlantic City Mayor Don Guardian. Most of its other members are appointed by New Jersey’s Governor.
Atlantic City, in the midst of the worst financial crisis in generations, made a $1.8 million interest-only bond payment on Monday, narrowly avoiding becoming the first municipality to go into default in New Jersey since 1938.

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