Budget task force sees major fiscal challenges ahead for N.J.
Thursday, December 13, 2012 Last updated: Thursday December 13, 2012, 1:56 PM
BY JOHN REITMEYER
STATE HO– USE BUREAU
The Record
No matter who wins the 2013 gubernatorial election, New Jersey will continue to face some steep fiscal challenges unless major budget reforms are enacted.
A new report on New Jersey’s finances released Thursday by the State Budget Task Force said heavy debt, a grossly underfunded pension system, looming federal spending cuts and an “eroding and volatile tax structure” are all among the “difficult choices” the state faces in the years ahead when it comes to budget policies.
The report, one of six the task force is compiling at the state level, spelled out each major issue in New Jersey in stark terms.
The state will need to come up with $133 billion over the next 10 years to meet infrastructure needs. New Jersey is also carrying $33.7 billion in debt, which is more than the current state budget and among the highest of all state’s per-capita.
The property tax burden in New Jersey has risen to $25 billion statewide.
https://www.northjersey.com/news/state/Report_Retiree_health_costs_draining_NJ_budget.html
