Buono Statement On 1St Quarter Revenue Collections, Budget Savings

TRENTON – Sen. Barbara Buono (D-Middlesex) issued the following statement in response to the Treasurer’s announcement that revenue collections for the 1st Quarter of the 2010 Fiscal Year are off by 3 percent:

“The first quarter revenue figures reflect the continuing impact of the global financial recession. Fortunately, we based the state budget we approved in June on conservative revenue projections. While it is certainly disheartening that collections have fallen short of those projections, they are within the surplus we budgeted for.

“Even better news is the proactive approach the administration and the Legislature have taken in constantly monitoring state spending and looking for ways to save money and keep our state budget in balance. The administration has pored over the budget for cost savings and has identified enough savings to more than offset the shortfall in revenues. They have developed $205 million in savings that can be immediately used to cover the shortfall. I also applaud Gov. Corzine for ordering his Cabinet members to come back to him with plans to achieve another $200 million in savings as a hedge against any further revenue gaps.

“Revenue projections are just that – projections. They are our best estimate, but they are made well in advance of actual collections and are subject to a host of factors that can move those numbers up or down. As we did during the unprecedented budget process earlier this year, we will continue to revisit the FY 2010 budget as we get new revenue figures and make whatever changes are required to uphold our constitutional duty to keep the state budget in balance while maintaining vitally important services that our citizens depend on.”