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New Jersey state budget (2008-2009)
| Note: This article was last updated in 2009. Click here for more recent information on state budgets and finances. |
New Jersey faced a $3.6 billion budget gap for fiscal year 2009 and a projected $7.0 billion deficit for fiscal year 2010, according to the Center on Budget and Policy Priorities.[1] In January 2009, Gov. Jon Corzine said, "The economy and its harsh impact on our people remain our most significant challenges. That said, we have not turned our back on long-term strategic goals like reforming and restructuring our state finances, improving government ethics, enhancing public safety and education, and protecting the state’s most vulnerable citizens."[2]
Budget background
- See also: New Jersey state budget and finances
New Jersey's fiscal year begins July 1 and ends June 30 of the following year. The governor reviews individual agency requests along with past and present expenditure and revenue data from November through mid-January. In February the governor makes his/her final decision and presents a budget recommendation to the legislature on or before the fourth Tuesday in February. The legislature reviews the recommended budget through a series of hearings and makes any necessary changes to the document. Once both the Assembly and the Senate have approved the bill, it is signed by the governor before July 1, as stated in the state Constitution. The governor does have the power to use line-item veto before signing the bill into law.[3]
Budget figures
The following table provides a history of New Jersey's expenditures and gross domestic product (GDP).
| Fiscal year | Expenditures (billions) | GDP (billions) |
|---|---|---|
| 2000 | $54.5[4] | $344.8[4] |
| 2001 | $59.4[4] | $363.0[4] |
| 2002 | $64.2[4] | $372.8[4] |
| 2003 | $68.4[4] | $389.1[4] |
| 2004 | $72.6[4] | $410.1[4] |
| 2005 | $79.8[4] | $425.5[4] |
| 2006 | $82.9[4] | $448.4[4] |
| 2007 | $85.6[4] | $465.5[4] |
| 2008 | $88.5[4] | $480.9[4] |
| 2009 | $91.5*[4] | $480.1*[4] |
- NOTE: The figures for FY 2009 had not been finalized at the time this data was compiled.
See also
Footnotes
- ↑ Center on Budget and Policy Priorities, "State budget troubles worsen," May 18,2009
- ↑ Gov. Corzine, "State of the State Address 2009," January 13,2009
- ↑ State of New Jersey, "The State Budget Process," accessed June 5,2009
- ↑ 4.00 4.01 4.02 4.03 4.04 4.05 4.06 4.07 4.08 4.09 4.10 4.11 4.12 4.13 4.14 4.15 4.16 4.17 4.18 4.19 US Government Spending, "New Jersey State and Local spending," accessed June 3,2009
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