Tom Kean: Corzine Must Follow New York’s Lead and Begin Making Budget Adjustments

October 16, 2009

Contact: Bill Murray / (609) 292-5199
Senator Tom Kean (R-21)

Administration Has Not Released Revenue Collection Records

Senate Republican Leader Tom Kean issued the following comments regarding the failure of the Corzine Administration to release first quarter revenue figures. Kean called on the Corzine Administration to immediately release revenue figures so that a future governor isn’t forced to scramble to make unreasonable cuts in vital services in the future.

This week, New York Governor David Paterson announced plans to eliminate $3 billion in spending from his state’s budget because of declining revenue numbers. Most economists anticipate New Jersey’s revenue collection will track New York’s, because of our shared regional economy. Two years ago, Senator Kean called on Governor Corzine to begin to initiate budget savings due to clear signs that a recession was approaching.

“Two years ago, I repeatedly urged Governor Corzine to follow the lead of Governor Spitzer and Mayor Bloomberg, and begin to make mid-year budget savings to help stave off the gathering economic storm. I believed that this was the most prudent and fiscally responsible course of action to take. The Corzine Administration ignored numerous requests to begin initiating budget savings, while New Jersey’s fiscal situation worsened.

“History is repeating itself. A week ago, Senators Anthony Bucco and Steven Oroho, members of the Senate Budget and Appropriations Committee, called on the Corzine Administration to release updated revenue collection numbers. They received no response. Releasing these numbers is central to understanding and addressing revenue problems that may have appeared in the current budget.

“The non-partisan Office of legislative Services is projecting next year’s budget shortfall to be about $8 billion. Governor Corzine must embrace transparency and accept fiscal responsibility and release current revenue collection numbers. Failure to do so would be reckless and a disservice to the taxpayers he is sworn to serve.”