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Extra $1 Billion Demonstrates Why Voters Need to Approve All Borrowing
By bschnureSenator Leonard Lance (R-23), the Republican Budget Officer, responded to the introduction of legislation that would allow the New Jersey Economic Development Authority to borrow $3.5 billion for school construction without voter approval. The legislation, S-1457, was introduced by Senators Turner and Rice on March 6.
"New Jersey taxpayers have already spent $8.6 billion on a school construction program that was plagued by poor planning, cost overruns and little accountability. Many projects were never completed or even started due to the mismanagement that quickly consumed the program.
"Governor Corzine has now pledged to borrow an additional $2.5 billion, without voter approval, to finish the projects that waste prevented from completion. Perhaps unsurprisingly, legislation was introduced that would borrow $3.5 billion for this purpose, even though $2.5 billion was requested.
"Our state is in a fiscal crisis due to the assumption of tens of billions of dollars of debt through various state authorities without voter approval. This most recent example demonstrates how easily debt can spiral out of control when legislators think voters are not looking.
"This extra $1 billion in tacked on borrowing is just one more example of why we must approve SCR-39, which would require all debt assumed by all state authorities to be subject to voter approval."
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