Senate Republican Leader Tom Kean on Governor Corzine’s announcement that he will move money around the budget to fill an immediate $205 million deficit and find $200 million more in case tax collections continue to plunge. The state treasurer said today that revenues have come in 3.1 percent below projections so far this year. If collections continue at that pace, the state will have a $1 billion deficit this year. The estimated budget deficit for next year is $8 billion to $10 billion.
“The governor has announced he’s planning to adjust the budget by $405 million when it’s clear that we could have a $1 billion problem in this year alone,” Senator Kean said. “The governor’s poor fiscal management could lead to an additional billion dollar deficit that could result in losses in state aid and dramatic increases in local property taxes. The governor has already committed to a $500 million cut in school aid for next year. These ominous revenue projections suggest a bleaker future for New Jersey property taxpayers under Jon Corzine.”
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August 12, 2011
