New Jersey state budget (2011-2012)
| Note: This article was last updated in 2012. Click here for more recent information on state budgets and finances. |
- See also: Archived New Jersey state budgets
The New Jersey State Legislature sent the governor a proposed budget on June 29, 2011.[1] The governor vetoed $30.6 billion in spending and then signed the budget on June 30, 2011.[2][3]The FY 2012 state budget can be found here.
Revenue collections
Ten months into FY 2012, the state faced a revenue shortage of $351 million.[4]
Through the first quarter of FY 2012, the state revenue collections were 3.6 percent below budget projections, with the state collecting $4.15 billion for the first three months of the fiscal year, less than the $4.30 billion budgeted.[5]
Supplemental Spending
The $29.7 billion budget Governor Chris Christie signed into law eventually rose to $31 billion as the administration supplemented spending.[6]
Unions
The state renegotiated 14 separate union contracts in FY 2012.[7]
Credit Downgrade
Fitch Ratings lowered New Jersey’s credit rating general obligation bonds from AA to AA– on August 17, 2011. Fitch explained that it did so because of the state's pension situation, economy, and a state Supreme Court order in May that increased spending on low-income school districts. Fitch's rating of New Jersey now aligns with Standard & Poor’s. Moody’s, which uses a different system, rates the state equivalently, at Aa3.[8]
Footnotes
- ↑ Reuters, "Democrats, Christie poised for budget fight," June 29, 2011
- ↑ The Albany Times Union, "NJ governor pares and signs state budget," June 30, 2011
- ↑ CNNMoney.com, "It's D-day for state budget," June 30, 2011
- ↑ CBSnews.com, "NJ tax cut plan may survive despite revenue slump," May, 2012 (dead link)
- ↑ Businessweek, "New Jersey September Revenue Comes in 6.9% Below Projections," October 14, 2011
- ↑ Businessweek, "Christie New Jersey Budget Proposal Said to Total $32.1 Billion," February 21, 2012
- ↑ NJ.com, "N.J. lawmakers bracing for battle following Christie's budget address," February 20, 2011
- ↑ The New York Times, "Citing Debt and Benefits, Fitch Lowers Bond Rating for New Jersey," August 18, 2011
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