Newark gets $45M in aid in exchange for state oversight

Newark gets $45M in aid in exchange for state oversight
“Creative accounting,” when it brings legitimate dollars to the bottom line, can be a beautiful thing.

Newark accepted a $45 million bailout from New Jersey taxpayers today, in return for accepting the state designation of “distressed city,” and allowing state oversight of hiring and finances.

The special infusion will head off what otherwise would have been a property tax increase of almost $800 for the typical Newark household, said Michelle Thomas, Newark’s acting business administrator.

Author: Ken Walker

Husband, Father, Newarker, PCA Elder, Business Analyst. In a glass case of emotion since 1978.

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