the staff of the Ridgewood blog
Trenton NJ, no surprise to New Jersey voters, New Jersey Governor Phil Murphy hinted again at tax increases for next fiscal year, saying the state will need “revenue raisers” to balance the budget and recover from the pandemic.
In May Gov. Phil Murphy’s administration laid out a series of spending cuts, deferrals and other budget adjustments to offset short-term revenue losses caused by the coronavirus pandemic But he and lawmakers still face even more difficult decisions on state spending in the future.
The $7.6 billion stopgap budget Murphy enacted through Sept. 30 contained no new taxes. That won’t be the case for the fiscal 2021 budget, which is due to lawmakers on Aug. 25, he said Thursday during an interview with Bloomberg Television.
That same month NJ State Treasurer Elizabeth Maher Muoio said “Based on a wide variety of economic assumptions, the State of New Jersey may be looking at a combined $10.104 billion revenue shortfall over the remaining months of Fiscal Year 2020 through the end of Fiscal Year 2021,” and she continued , “While there are many moving parts, what is clear is that this decline would be worse than the Great Recession.”
Murphy recently told Bloomberg TV , “We’re going to have to put some revenue raisers on the table as we go to our next budget,”