(Atlantic) Atlantic City Administrator John Lund reported to the Atlantic City Council on Wednesday night of receiving the third largest Local Option Sales Tax reconciliation check. The check totaled $177,000.
The State pays cities monthly checks based on estimates. The November annual reconciliation check is what the city received. This year the State vastly underestimated what Atlantic generated from local option sales tax revenue.
Lund says the money allocated to various sales tax funds is based on an allocation formula set by the City Council. He says the city street projects receive 40-percent of the allocated funds.
The Local Option Sale Tax money also goes to the Community Promotion Commission, the park improvement reserve fund, debt service on the YMCA, and the YMCA facility reserve. The funds also go to the LOST Street fund and the LOST progress fund, known as the community and economic development fund.
