Administration Acknowledges $796 Million Shortfall for This Year’s Budget

March 7th, 2014  |  by  |  Published in Budget and Tax Policy, NJPP Blog: As a Matter of Fact ...  |  1 Comment

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When the governor delivered his proposed budget for the fiscal year that begins on July 1 (FY 2015), he also released updated information on this year’s budget, most importantly acknowledging that the state is facing a nearly $800 million shortfall. Most details on how the shortfall will be offset will remain unknown until the administration releases the data on the underspending and details how it will receive $99 million in added revenue from the tobacco settlement. Until then we don’t know if there are any policy implications or gimmicks being used. The reduction in pension funding for the current year is likely to be part of the solution.

While the administration may actually be underestimating the shortfall, the following set of charts break down the details acknowledged by the administration last month.

shortfallanatomy-01

acknowledged major tax shortfall-01

reduced higher than ols-01


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Responses

  1. skip3house says:

    March 10th, 2014at 10:04 PM(#)

    Why is NJ still paying its retiree medical costs?
    Has to be well over 5 billion by now.

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