the staff of the Ridgewood blog
Trenton NJ, Senator Steven Oroho (R-24) said a State revenue update provided by the Treasury Department yesterday doesn’t support Governor Murphy’s claims that New Jersey is facing a massive budget shortfall that would require $10 billion of borrowing as the governor has repeatedly suggested. (https://theridgewoodblog.net/deferred-nj-april-tax-payments-track-close-to-expectations/ )
“Treasury’s revenue update clearly demonstrates that the massive $10 billion budget hole predicted by the administration has failed to materialize,” said Oroho, the Senate Republican Budget Officer. “When compared to the original $38 billion budget for 2020, the $200 million decline in revenues from 2019 is little more than a rounding error. The realized revenue data provided by Treasury doesn’t support the governor’s continued insistence that New Jersey needs to borrow billions.”
Continue reading State Revenue Update Undercuts Governor Murphy’s Borrowing Scheme