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Business administrator warns Newark may face roughly $40 million county payment tied to budget ratio deficiency
Summary
Eric Pennington told the council the city faces a ratio deficiency that could require about $40 million in payments to the county; administration is considering options including bonding and asset dispositions and will meet with the budget committee.
City business administrator Eric Pennington told the Newark Municipal Council that the city’s outstanding ratio deficiency to the county could be substantially larger this year and would require a significant budget response.
Pennington said the city had previously paid varying amounts to the county in prior years and that the outstanding ratio deficiency…
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