Category Archives: Budget Shortfall

Yet Another Example for Middletown to Follow In order to Reduce the Tax rate

Colts Neck has finialized it’s budget according to an article in the Asbury Park Press.

The budget, which will is to be adopted on April 29th calls for just a 1 cent increase to the municipal tax rate. 
Colts Neck Mayor Ben Forester blamed the increase on the decline in state aid :
“In general, the challenges faced by the Township Committee in preparing this year’s budget were much more on the revenue side, rather than appropriations,” Forester explained. “The continued erosion of state aid, less available surplus, lower interest rates and a slightly lower tax collection rate were mitigated by reductions in most budgets, less capital spending and the use of additional surplus to offset the tax increase.”
This just goes to show you that if you are willing to reduce spending  by looking for places in the budget that could be cut , as opposed to increasing or maintaining services such as Middletown, the need for huge tax increases to balance the budget would not be needed.
With a $7+million hole in this years budget, the Middletown GOP majority has to stop blaming others for the current mess the budget is in.  It’s time to cut  spending. if that means that residents may not be able to enjoy Park and Recreation events, or have to get to the tax office before well before closing, then so be it. If not, then residents will be looking at a double digit increase to the tax rate in Middletown.
Good job Colts Neck, now lets see if Middletown can follow your lead.
 

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Filed under Budget, Budget Shortfall, Colts Neck, Middletown, Middletown GOP

Governor Jon S. Corzine: A Critical Year for New Jersey

I received the following letter from Governor Corzine in my inbox this afternoon and I thought that I would share it with you. 

In the letter the Governor states that he will deliver his budget to the legislature on March 10th, which will then begin the process of addressing New Jersey’s $7 billion deficit. He also mentions that our state is not as bad off financially as other states are, while trying to make it clear that during these very difficult financial time, now is not for gimmicks or grand-standing.
I think that the Governor must be a bit of a masochist because he added a link to his an email account and new website in order for people send him personal messages. I could only imagine  what some people have to say to him,  Youch! : 

Friends-

This is an important year for New Jersey.

On March 10th, I will deliver my executive budget and begin the process of addressing our state’s $7 billion deficit. While New Jersey is significantly better off than many other states because of the action my colleagues in the legislature and I have taken during the past three years, it is critical that we continue to make responsible decisions and the right choices for New Jersey.

I believe that the national financial crisis is an opportunity to outline our priorities and take measure of our values. This is a moment to define who we are as a state, and as a people.

This is not a moment for cheap answers to our most important questions. New Jersey deserves details and direct answers, and you will continue to get both from me.

This is not a moment for short-sighted solutions and tepid half-measures. New Jersey deserves responsible, long-term solutions, and you will continue to hear detailed proposals from me.

This is not a moment for antagonistic grandstanding or political stunts. New Jersey deserves a committed partner who will work with President Obama, and you will continue to see my partnerships with leaders at the national and state level deliver real results for our working families.

This is not a moment for politically-convenient rhetoric that simplifies or downplays the difficult challenges we face. New Jersey deserves honest and serious leadership, and you have always been able to count on that from me.

New Jersey remains ahead of the curve in dealing with this national recession, and my responsibility as Governor is to insure that we stay on a course for fiscal prosperity into the future while making certain that New Jersey families have the support that they need to make it through these difficult times.

These are big challenges, and I am going to need your help.

I am going to be regularly sharing the details of my budget, initiatives, and the latest developments from Trenton and Washington DC, and I want to encourage you to share your thoughts with me via my website or by sending an email to JSC@JonCorzine09.com. I’ll be answering questions and comments regularly via email, my soon-to-be-launched new website, and other online events.

Please stand with me, our state leaders, and our Democratic partners in Washington DC as we confront these challenges. There is far too much riding on the year ahead to sit on the sidelines.

Thank you,
Governor Jon Corzine

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Filed under Budget, Budget Shortfall, fiscal prosperity, Governor Corzine, national recession, New Jersey, President Obama, State Legislature

29 STATES FACED TOTAL BUDGET SHORTFALL

According to the Center on Budget and Policy Priorities at least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010.

The 29 states in which revenues were expected to fall short of the amount needed to support current services in fiscal year 2009 are Alabama, Arkansas, Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and Wisconsin. In addition, the District of Columbia closed a shortfall in fiscal year 2009. The budget gaps totaled $47.6 to $49.2 billion, averaging 9.3 percent to 9.7 percent of these states’ general fund budgets. California — the nation’s largest state — faced the largest budget gap. The shortfalls that states other than California faced averaged 6.2 percent to 6.7 percent of these states’ general fund budgets.

New Jersey’s budget shortfall is estimated to be $2.5 – $3.5 billion dollars or 7.6% – 10.6% of the FY 2008 General Fund.

Click on the headline to see the report from the Center on Budget and Policy Priorities

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Filed under Budget Shortfall, Center on Budget and Policy Priorities, New Jersey

>29 STATES FACED TOTAL BUDGET SHORTFALL

>According to the Center on Budget and Policy Priorities at least 29 states plus the District of Columbia, including several of the nation’s largest states, faced an estimated $48 billion in combined shortfalls in their budgets for fiscal year 2009 (which began July 1, 2008 in most states.) At least three other states expect budget problems in fiscal year 2010.

The 29 states in which revenues were expected to fall short of the amount needed to support current services in fiscal year 2009 are Alabama, Arkansas, Arizona, California, Connecticut, Delaware, Florida, Georgia, Illinois, Iowa, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Nevada, New Hampshire, New Jersey, New York, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, and Wisconsin. In addition, the District of Columbia closed a shortfall in fiscal year 2009. The budget gaps totaled $47.6 to $49.2 billion, averaging 9.3 percent to 9.7 percent of these states’ general fund budgets. California — the nation’s largest state — faced the largest budget gap. The shortfalls that states other than California faced averaged 6.2 percent to 6.7 percent of these states’ general fund budgets.

New Jersey’s budget shortfall is estimated to be $2.5 – $3.5 billion dollars or 7.6% – 10.6% of the FY 2008 General Fund.

Click on the headline to see the report from the Center on Budget and Policy Priorities

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Filed under Budget Shortfall, Center on Budget and Policy Priorities, New Jersey