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Wednesday
Feb 08th

Money

Review of N.Y. & N.J. Port Authority finances finds agency 'challenged and dysfunctional'

Review of N.Y. & N.J. Port Authority finances finds agency 'challenged and dysfunctional'

Cost of World Trace Center renewal jumps $3.8 billion to $14.8 billion in 3 years

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

The initial phase of a consultant’s review of the financial operations of the Port Authority of New York and New Jersey describes an agency that is “challenged and dysfunctional," and where poor management has “obscured full awareness of billions of dollars in exposure” to the bi-state agency.

The audit has also found that the World Trade Center renewal project costs, last publicly reforecast at $11 billion in 2008, has since grown $3.8 billion to $14.8 billion at a minimum.

The review also found Port Authority capital planning is plagued by management deficiencies that have resulted in a doubling of debt in 10 years as the agency drifted moved away its core responsibility as a transportation infrastructure organization. Coupled with the consultant’s assessment of the impact of ‘add-on’ compensation for agency personnel – an institutionalized practice that has contributed to a 19 percent increase in gross compensation in just five years

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Super Bowl campaigns: Big opportunities for small businesses

Super Bowl campaigns: Big opportunities for small businesses
BY JOHN MOONEY
NEWJERSEYNEWSROOM.COM
COMMENTARY

The Super Bowl is considered a secular holiday in the U.S. for good reason. It is one of the most unifying events in America. Sunday's game between the G...

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No Powerball jackpot winner on Saturday: Next drawing worth $250 million

No Powerball jackpot winner on Saturday: Next drawing worth $250 million
BY BOB HOLT
NEWJERSEYNEWSROOM.COM

There were no winners in Wednesday night’s Powerball drawing, so the jackpot for the multi-state game rose an estimated $200 million for Saturday night’s drawing, with ...

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Trump Marina, Trump Plaza and KGM Gaming fined $58K for new slot machines

Trump Marina, Trump Plaza and KGM Gaming fined $58K for new slot machines

Failed to tell state of 27 new slots in 2009

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

Trump Marina Hotel and Casino, Trump Plaza Hotel and Casino, and KGM Gaming have been fined a total of $58,000 for fai...

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N.J. property taxes rise again in 2011: Are Christie's reforms working?

N.J. property taxes rise again in 2011: Are Christie's reforms working?
BY ADELE SAMMARCO
NEWJERSEYNEWSROOM.COM

It is no secret the Garden State hosts the highest property taxes in the entire nation, but just when you thought there may be a light at the end of the tunnel in...

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Whelan calls for hand-held gambling remotes to make betting in Atlantic City casinos easier

Whelan calls for hand-held gambling remotes to make betting in Atlantic City casinos easier
BY ANGELA DAIDONE
NEWJERSEYNEWSROOM.COM

Gamblers at Atlantic City casinos may someday be able to place bets without actually having to be at the gaming tables, if one state official has a say.

State Sen....

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Nonpartisan budget expert shows millionaires would save big bucks under Christie's proposed tax cut

Nonpartisan budget expert shows millionaires would save big bucks under Christie's proposed tax cut

New Jerseyans earning $50,000 or less would save no more than $80

BY TOM HESTER SR.
NEWJERSEYNEWSROOM.COM

New Jerseyans earning $50,000 annually would save $80.50 in state income taxes over three years u...

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Don't get me started about dentists…

Don't get me started about dentists…
BY WARREN BOROSON
NEWJERSEYNEWSROOM.COM
BOROSON ON MONEY

Years ago, a young dentist in Hawthorne who had bought the practice from my regular dentist, who was retiring, proceeded to cap several of the tee...

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Details of Christie's proposed 10% income tax cut to be examined by Senate Budget Committee

Details of Christie's proposed 10% income tax cut to be examined by Senate Budget Committee

Assembly panel to consider mandated fluoridation of public water supplies

The Senate Budget & Appropriations Committee will hear testimony from David Rosen, the state Office of Legislative Services...

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