New Jersey state budget (2010-2011)
| Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances. |
In the 10 years leading into the 2011 fiscal year New Jersey's budget increased from $13 billion to $30 billion.[1]
New Jersey's $29.4 billion FY 2011 budget became law on June 29, 2010, when Governor Chris Christie signed it into law.[2][3]
New Jersey received approximately $667 million from the federal government under HR 1586, a $26 billion plan to give states money for Medicaid and education that the president signed into law on August 10, 2010. The money meant $399 million for Medicaid expenses for the first half of 2011 and $268 million in education funding.[4]
As of July 2010, New Jersey had a total state debt of $167,300,145,581 when calculated by adding the total outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[5]
| Total spending | Human services | Education | Other | Protection | Transport | Government | Stimulus | Treasury |
|---|---|---|---|---|---|---|---|---|
| $29.3 | $7.2 | $10.3 | $3.3 | $1.55 | $1.2 | $1.1 | $1 | $1.7 |
| Total spending | Pension | Healthcare | Education | Welfare | Protection | Transport | Deficit |
|---|---|---|---|---|---|---|---|
| $43.3 | $0.00 | $0.9 | $24.1 | $2.6 | $4.9 | $1.3 | $43.3 |
FY 2011 Budget
- See past Archived New Jersey state budgets
Find the state’s FY 2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government here.
Passage of the Budget
The $29.4 billion FY 2011 state budget was signed by the governor on June 29, 2010.[2][8]The state began budget negotiations facing a $10.7 billion deficit[9], which was the largest per tax payer of any state.[10] Gov. Christie introduced his budget proposal on March 16, 2010.[9][11] The full text of his speech introducing the budget can be found here.
Overview
In mid-August 2010, the state announced that it would borrow $2.25 billion in short-term notes.[12]
The Governor's "Budget in Brief" included the following chart:[11]
How the FY 2011 Budget Balanced
(In Thousands)
| Category | Amount |
|---|---|
| FY 2010 Adjusted Appropriation | $29,862,146 |
| FY 2011 Net Growth | 8,540,209
|
| FY 2011 Total Projected Model | 38,402,355 |
| FY 2011 Base Revenue | 27,665,900
|
| FY 2011 Projected Structural Gap | 10,736,455 |
| ACTIONS TO CLOSE STRUCTURAL GAP | $10,736,455 |
| Reductions to Base Budget | $1,929,241 |
| Homeowner and Tenant Rebates | 848,200 |
| Municipal and County Aid | 339,021 |
| Higher Education | 175,375 |
| Operating Budget and Interdepartmental | 163,989 |
| Medicaid/PAAD | 92,929 |
| Senior Tax Freeze | 53,700 |
| Savings from Privatization | 50,000 |
| Human Services Contracts | 35,600 |
| General Assistance Benefits for the Able-Bodied | 23,445 |
| Child Care Programs | 19,800 |
| Employee Actions | 8,799 |
| Other | 118,383 |
| Elimination or Reduction of Projected Growth | $7,082,720 |
| Pensions | 3,060,543 |
| Limit School Aid Increases | 1,677,500 |
| Inflationary Increase for Rebates | 1,163,100 |
| NJ Transit | 272,000 |
| Medicaid | 236,059 |
| Rate Inflation for Nursing Homes | 56,612 |
| Inflationary Increase for Higher Education | 45,994 |
| Other | 570,912 |
| Elimination of Programs | $ 216,620 |
| Subtotal | $9,228,581 |
| Enhanced Federal Medicaid Funding | $490,569 |
| Resource Solutions | $601,549 |
| Supported by Non-State Resources | $415,756 |
Budget Basics
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 makes his/her final decision and presents a budget recommendation to New Jersey State 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. The governor has the power to use line-item veto before signing the bill into law.[13]
Accounting principles
The Office of the New Jersey Comptroller is an independent office that audits government finances, reviews the performance of government programs and examines government contracts. The Office was created by legislation on March 15, 2007. It is responsible for conducting audits of the executive branch of state government, public institutions of higher education, independent state authorities and local governments and boards of education. Appointed by the governor, with the advice and consent of the Senate, the State Comptroller serves a six-year term and can be reappointed for a second term. All employees of the Office of State Comptroller are barred from engaging in any political activity. Matthew Boxer was sworn in as New Jersey’s first independent state comptroller on January 17, 2008. The audit reports are published online and can be found here.[14]
New Jersey's CAFRs are published online by the New Jersey Department of the Treasury, Office of Management and Budget.[15]
The New Jersey Treasurer was David Rousseau, who was confirmed by the State Senate and sworn in as State Treasurer on April 7, 2008. Rousseau was sworn in as Acting State Treasurer on January 16, 2008, soon after Gov. Jon S. Corzine announced his intention to nominate him to be State Treasurer.[16]
See also
Footnotes
- ↑ National Taxpayers Union, "Tax Increase Effort Fails in New Jersey," June 23, 2010
- ↑ 2.0 2.1 NJ Today, "Christie Signs State Budget," June 29, 2010
- ↑ WHYY.com, "Following compromise, New Jersey budget talks continue," June 22, 2010
- ↑ The Star Ledger, "Gov. Christie to apply for $268M in federal education aid bill signed by Pres. Obama," August 11, 2010
- ↑ State Budget Solutions, “States Hide Trillions in Debt,” July 22, 2010
- ↑ New Jersey Office of Management and Budget, Budget in Brief
- ↑ USA Spending, State Guesstimated* Government Spending
- ↑ New York Times March 17, 2010 "New Jersey Governor Proposes Deep Spending Cuts"
- ↑ 9.0 9.1 Budget Week, "Dems: NJ budget a heavy lift for middle class," March 15, 2010
- ↑ The Washington Post, "NJ gov seeks to slash spending, amend constitution," March 17, 2010
- ↑ 11.0 11.1 Office of the Governor, "Budget in Brief," March 16, 2010
- ↑ The Star Ledger, "N.J. would borrow $2.25B to help with cash flow," August 16, 2010
- ↑ State of New Jersey, "The State Budget Process," accessed June 5,2009
- ↑ New Jersey State Comptroller Website, accessed November 1, 2009
- ↑ New Jersey Department of the Treasury, Office of Management and Budget Website, accessed November 1, 2009
- ↑ New Jersey State Treasurer Website, accessed November 1, 2009
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