Budget or No Budget NJ still faces fiscal crisis next spring
If the Legislature approves the proposed $31.7 billion FY13 budget and the tax cut that Gov. Chris Christie is demanding, New Jersey will face a built-in $2.5 billion hole in the following year’s FY14 budget – a gap almost twice as large as the combined increase in income, sales, and corporate taxes that Christie is projecting for the year ahead, a NJ Spotlight analysis shows.
Even if the Democratic-controlled Legislature decides next year that the state cannot afford the controversial tax cut, the state would still need to come up with $2 billion in revenue growth in Fiscal Year 2014 just to cover the required increases in pension costs, transportation borrowing and already-approved business tax cuts, and the more than $1 billion in one-shot revenues built into the Fiscal Year 2013 budget. (Magyar, NJ Spotlight)
https://www.njspotlight.com/
