- Associated Press - Wednesday, October 8, 2014

NEWARK, N.J. (AP) - The finances of New Jersey’s largest city will now be under state supervision.

NJ.com (https://bit.ly/1rhtgME) reports the state’s local finance board approved the move Wednesday, acting on a request by Newark.

The approval means the state Department of Community Affairs will have legal power over Newark’s collective bargaining agreements and the adoption of its budget, among other city functions. It also will determine how the state gives the city transitional aid.

The approval came one day after the City Council adopted an amended 2014 fiscal year budget, officially steering the city out of a $93 million dollar deficit.

But some aspects of the amended budget, such as the city’s proposal to pay $30 million dollars of last year’s deficit over a decade, required Newark’s finances to be under state supervision.

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