the staff of the Ridgewood blog
Trenton NJ, with a massive budget short fall and even his own party talking about spending cuts and no more broad based tax increases .
Fiscally challenged Governor Phil Murphy will deliver his Fiscal Year 2020 Budget Address in the Assembly Chamber at the New Jersey State House at 2:00 p.m. on Tuesday, March 5, 2019.
Who/What: Governor Phil Murphy to Deliver Fiscal Year 2020 Budget Address
When: 2:00 p.m., Tuesday, March 5, 2019
Where: Assembly Chambers, New Jersey State House, 125 West State Street, Trenton, NJ
Common sense and fiscally responsible management of spending with strict restraints
are things the Governor and Trenton Democrats are just incapable of doing! Murphy continues to buy the favor of those in America illegally with things like sanctuary cities & 2yrs of free Community College for them while burdening those cost on the backs of citizens & those legally here. In many case those paying for Murphy’s betrayal to us.. can’t even afford to pay for their own children’s college!! Then there’s the tax on rentals at the Jersey Shore… cutting the legs out from under all those board walk shops & house rentals!!
Murphy is destroying the future of New Jersey … Even more sick.. is the fact the Trenton Democrats are all helping him do it!!
the staff of the Ridgewood blog
Trenton NJ, State Treasurer Elizabeth Maher Muoio on Friday directed all state cabinet and agency heads to immediately freeze all hiring, promotions and discretionary spending until further notice in order to ensure General Fund resources are adequate to support essential state operations.
“I have repeatedly made it clear that we face extraordinary fiscal challenges due primarily to the structural imbalance in our General Fund. Given the uncertainty about bringing Energy Tax Receipts on budget before the close of the fiscal year, we have to reserve all available resources in order to ensure we close out the General Fund in a positive position.
“Because the General Fund accounts for roughly 55 percent of state funding, it is essential that we freeze all discretionary spending to ensure we can support the crucial functions that keep the state operating – everything from caseworkers for children in foster care to the operation of our developmental centers to the safety and protection provided by State Police.
“To that end, I have sent a letter to all cabinet and agency heads today ordering them to freeze all hiring, promotions and non-salary operating and discretionary funding,” said Muoio.
“People always say to me I hate Politics, I can’t deal w all the back and forth and the fighting. Well Politics is all around you. Its in that check you write to your Mortgage Company every month and its in the Schools you drive your kids to everyday. NJ Politicians have completely lost control especially in Bergen and Passaic Counties and they don’t want you to know it. We pay the most ridiculous amount in taxes yet we know the least about what’s happening in Our Town and County Governments. It defies all logic. “
by Mark Niquette
Six years after the recession ended, many U.S. states are hard pressed to balance budgets because of a sluggish recovery and their own policy decisions. The fiscal fragility raises questions about how they will weather the next economic downturn.
A majority of states are making cuts, tapping reserves or facing shortfalls despite an improving national economy and stock markets at record levels, according to Standard & Poors and the Nelson A. Rockefeller Institute of Government. State revenue hasn’t rebounded to a prerecession peak adjusted for inflation, and other factors are putting pressure on budgets.
Alaska, Oklahoma and energy-producing states saw receipts fall with global oil prices. Kansas overestimated revenue after tax cuts, while New Jersey faces a shortfall thanks to unfunded pensions. Even some Republican governors have championed tax increases to avoid further diminishing services curtailed during the 18-month recession, the deepest downturn since the Great Depression.
“The extent of the weakness is really impressive,” said Donald Boyd, who tracks state finances at the Rockefeller Institute in Albany, New York. “There’s a lot of pressure on governors and legislators.”
Thirty-two states faced budget gaps in fiscal 2015 or 2016 or both, according to an April 27 report by Standard & Poors. The fiscal year ends June 30 in all but four states.
New N.J. bond disclosure warns of revenue shortfall, impact of casino closures
SEPTEMBER 9, 2014, 7:21 PM
BY JOHN REITMEYER
STATE HO– USE BUREAU
After scrambling earlier this year to close a $1 billion budget shortfall, New Jersey is now warning investors that the state could already be facing new revenue problems.
In a bond disclosure made public Tuesday afternoon, state officials said tax collections likely fell about $275 million short of the amount expected when the last fiscal year ended June 30.
The disclosure also warned the state may not meet casino revenue targets for the current fiscal year amid recent closings in Atlantic City. That could bring on spending cuts or other adjustments to keep the budget balanced as required by the state constitution.
Though final auditing of the last fiscal year is still underway, the disclosure from the state Department of Treasury warned the state may not have reached its goal of maintaining a $300 million surplus fund.
“The state, at this time, continues to work toward, but cannot give assurances of, realizing a final undesignated fund balance of $300 million,” the disclosure said.
– See more at: http://www.northjersey.com/news/new-n-j-bond-disclosure-warns-of-revenue-shortfall-impact-of-casino-closures-1.1084253#sthash.H9ZDLfQa.dpuf