Atlantic County gets ratings boost on economic outlook

Atlantic County‘s economic outlook got a ratings boost from Standard and Poor’s Global Ratings this month.

According to a recent report, S&P raised the county’s economic outlook from “negative” to “stable,” citing strong county management, budgetary flexibility, and stability brought by the payments in lieu of taxes that casinos pay to Atlantic City.

“Despite the challenges Atlantic City’s financial pressures presented, the county maintained stable operations, posting small surpluses in both fiscal 2015 and 2016,” the report read. “With the PILOT legislation, a lot of uncertainty regarding the impact of Atlantic City tax appeals is gone, although some remains given that the Division of Community Affairs’ Local Finance Board will set the county’s share of the revenues annually.” Crediting the PILOT as a reason for the upgrade is ironic because county officials have raged against the legislation since the state decided to give it a 10.4 percent share of the PILOT money instead of the 13.5 percent share it was originally promised.

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