State Continuing Oversight of Atlantic City Finances

New Jersey is extending its oversight of Atlantic City's local finances for another year.

The Press of Atlantic City reports the state Local Finance Board extended the oversight in a vote Wednesday morning.

The state also let the city issue $119 million in tax appeal relief bonds to help make up for declines in its tax base due to successful property tax appeals.

Since 2010, Atlantic City's ratable property tax base dropped from $20.5 million to about $16 million. The newspaper reported that's mainly due to casino property devaluation.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)