the staff of the Ridgewood blog
Ridgewood NJ, NJ Transit’s board has approved a $54 million expenditure for outfitting its new headquarters, raising concerns as there is no apparent indication of cost-cutting measures being explored to address an impending budget shortfall. This financial challenge has persisted for eight months since state officials announced a restructuring process.
As Governor Phil Murphy approaches the introduction of the state budget for fiscal year 2024-25 in the coming months, negotiations with the Legislature and funding plans for state agencies come into focus.
NJ Transit is currently grappling with a $120 million operating deficit for the next fiscal year, contributing to the state’s overall substantial structural deficit. When questioned about potential solutions for the imminent fiscal challenge at NJ Transit, Governor Murphy stated on November 30 that the issue is not an immediate concern, emphasizing that it is more relevant in two years, pointing to the predicted nearly $1 billion budget shortfall in fiscal year 2025-26.
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