Credit agency: Declining Ticket Income with End of NJ’s red light camera pilot program is a ‘credit negative’ for towns
DECEMBER 19, 2014, 1:15 PM LAST UPDATED: FRIDAY, DECEMBER 19, 2014, 3:50 PM
BY MELISSA HAYES
STATE HO– USE BUREAU |
THE RECORD
A Wall Street credit ratings agency called the end of the state’s five-year red light traffic ticket pilot program a “credit negative” for preventing local governments from implementing new revenue streams.
The controversial cameras, which allow municipalities to mail tickets to motorists who run red lights, generated millions in revenue for the 25 municipalities that installed them, including several in North Jersey.
Moody’s analyzed the end of the program in its weekly credit outlook report released Friday. The credit ratings agency said the New Jersey legislature could have acted to renew the program, which ended on Tuesday. Moody’s also took issue with New York legislators repealing a law authorizing the use of speed cameras near schools in Nassau County.
The “credit negative” designation is an analysis of an event and differs from a credit downgrade, which could affect the state’s ability to borrow money.
“These developments are credit negative because they further constrain governments’ ability to implement new revenue streams at a time when these governments are facing property tax limits, uneven sales tax growth and anti-tax sentiment,” the weekly credit outlook said.
I think the red light cameras are a great idea and I cannot understand why they are discontinuing them in so many places. People who run the lights deserve a ticket and maybe they will think twice the next time. And the towns get money from those who are breaking the law. What the heck is the problem?
It’s the difference between how politics operate here as compared to the rest of the world where such automated traffic systems work well. In a nutshell, driving standards are terrible here and these automated systems don’t discriminate. They catch everyone. Enough people complain and out they go.
They have made me a lot more careful.
How about using the cameras to get people on their cellphones.
It’s well documented that the devices cause accidents because of overreactive drivers….nj drivers are complete assholes and we all know that. This experiment was just another money grab and its demise is just. Look for revenue from the over compensated police fire and teachers and there unions and booted pensions…..grab that while you can because it’s not going to exist in a few years….. Look up Michigan/ Illinois……
They discontinued the program because lawyers got involved with class action lawsuits. What else?