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Fitch warns of ‘notable downside risk’ in New Jersey’s budget
Fitch warns of ‘notable downside risk’ in New Jersey’s budget
THURSDAY, SEPTEMBER 20, 2012 LAST UPDATED: THURSDAY SEPTEMBER 20, 2012, 2:15 PM
BY JOHN REITMEYER
STATE HOUSE BUREAU
THE RECORD
Wall Street ratings agency Fitch is warning today of “notable downside risk in New Jersey’s revenue budget for fiscal 2013,” citing “economic uncertainty and recent modest growth in actual revenues.”
The statement from Fitch comes out the day after the state Department of Treasury released tax collection data indicating New Jersey’s budget was $100 million off projections — about 5 percent — after the first two months of the new budget year that began on July 1.
Also yesterday, non-partisan legislative budget analyst David Rosen told lawmakers during an Assembly Budget Committee that New Jersey now needs to see 8.2 percent revenue growth through the end of June 2013 to meet Governor Christie’s robust budget projections.
Editors Note: The Governor reminded everyone how delays in the state senate and assembly have stalled tax-reform for 79 days, ethics reform for 742 days , ending sick leave payouts 650 days and action on property tax cap loopholes 128 days .
http://www.northjersey.com/news/Fitch_warns_of_notable_downside_risk_in_New_Jerseys_budget.h
