Sad State of NJ Budget

Three lines in today’s 2023 Budget Address that touch on public pensions.

And we were told we’d certainly never meet our public-employee pension obligations. Not only did we do that last year — marking the first time in a generation that our full obligation was met — we’re doing it again in this year’s budget with a $6.8 billion payment.

…………………..

With more aid for our public schools and a full pension payment, this budget will continue to apply downward pressure against property taxes.

Not a heavy lift to make a $6.8 billion pension payment (a little less than than the $6.9 billion for FY22) when you borrow $4 billion and get another $10 billion in federal aid. In looking over the FY23 Budget in Brief here are some notable excerpts:

I am also proposing a new $300 million Affordable Housing Production Fund that will help us build the
entire current backlog of 3,300 already approved, but still yet-to-be-built, 100-percent-affordable housing
units by the end of my second term. (page 6)

Informative chart on page 15 (which does not reflect my recent experience) but if you look closely you will notice an information gap.

The recommended contribution in FY2023, including contributions from the State lottery, totals approximately $6.82 billion and fully funds the ADC. (page 22)

New Jersey received $6.2 billion from the American Rescue Plan’s State Fiscal Recovery Fund in 2021. (page 47)

2 responses to this post.

  1. Posted by qpat00 on March 8, 2022 at 7:45 pm

    so what happened to the gap years of 2013-2017 and what was the cum. taxation?

    Reply

  2. Posted by qpat00 on March 8, 2022 at 8:57 pm

    I perused the NJ state budget for 2023 in regards to debt–I could not find anywhere where total debt obligation for the state is listed. (JB1-did you see it?) I did see debt SERVICE listed on pg 56 and 66 and that it went up from $400 mill to $625 mill a hyuuuge unprecedented increase of 57%. For some reason Murphy doesnt glowing write about that precedence. Pg 72 is interesting in that it lists all the outstanding NAMES of each debt and the service of each for the year but not the total $s of each debt. Oh well, he wants to hide our downward spiral amongst his glowing BS. Other interesting pages are pg 62 thru 65 which lists line item increase and decreases and pg 88 -94 which lists federal aid (but not the extra billions the fed is giving thru stimulus monies.) All in all, his budget is just smoke and mirrors and doesnt tell the truth except when it comes to (only) all his glowing increases being spread around. He understands how many suckers are out here to be sycophants and acolytes of his latest annual scam, sadly. A $49 billion budget is no laughing matter when debt is added in. When christie left what was his? $35.5 billion? total increase to date: 36%-yikes

    Reply

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