State Budget

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.

NEW BRUNSWICK – On Wednesday, October 14th, Senator Barbara Buono (D-Middlesex) will host a Nonprofit Roundtable Discussion with leaders from New Jersey’s non-profit organizations to identify ways to work with the State to help increase efficiency and maintain their vital services during the economic recession.

“New Jersey’s nonprofit organizations have been particularly hard hit by the recession,” said Senator Buono. “While they are facing the same declining revenue streams that face the rest of our State, they are also experiencing a dramatic increase in demand for their services.”

Senator Steve Oroho, a Republican member of the Senate Budget and Appropriations Committee, said he doesn't understand how the Corzine administration can call the Republican complaint to the federal Securities and Exchange Commission "frivolous" when respected professionals in the investment community know that the complaint raises valid concerns.

Last week the New Jersey State Legislature passed a $29 billion budget for fiscal 2010 which begins on July 1, 2009.  Governor Corzine's budget raises taxes on virtually all New Jerseyans during a period of rising unemployment, foreclosures and bankruptcies.  There is one word to describe this policy: dumb. 

Corzine is also continuing the practice of using one shot revenues to balance the books, a policy he has harshly-and rightly--condemned throughout his term. 

TRENTON – A $29 billion state budget that dramatically cuts spending, preserves funding for health and education programs and restores substantial property tax relief was approved in the state Senate today by a 22-17 vote.

“This has clearly been one of the most difficult budgets the Legislature and administration have ever had to deal with,” said Sen. Barbara Buono (D-Middlesex), chairwoman of the Senate Budget and Appropriations Committee. “Months of unrelentingly bad economic news on a global scale have informed our work as we have struggled to come up with a budget that is balanced and fairly shares the pain of drastically shrinking revenues. Every page of this budget reflects our efforts to make sure the necessary cuts we made were done with an eye treating the many competing interests with fairness and sensitivity while also recognizing the money to fund some very worthwhile programs simply isn’t available.”

Who is minding the Asylum!

TRENTON – The Senate Budget and Appropriations Committee today approved a $29 billion state budget, restores nearly half a billion dollars in direct property tax relief and dramatically cuts spending while preserving funding for important health and education programs.

“The announcement last week that the Tax Amnesty program has been even more successful than we had hoped has enabled us to significantly increase the amount of property tax relief we can provide to the hardworking people of New Jersey,” said Sen. Barbara Buono (D-Middlesex), chairwoman of the Senate Budget and Appropriations Committee. “The additional revenue the program has brought in is being targeted to provide the most property tax relief to the people who are most in need. This is an extraordinary accomplishment given the economic landscape in New Jersey and across the country.”

TRENTON – Sen. Barbara Buono (D-Middlesex), chairwoman of the Senate Budget and Appropriations Committee, issued the following statement on the revenue windfall from the tax amnesty program:

“The announcement today of more than $400 million in unanticipated revenues from the recently concluded tax amnesty program is a welcome respite from the steady drumbeat of bad news concerning the state and national economy. We are still in the midst of an unprecedented economic downturn, but the tax amnesty windfall will help us lessen some of the pain of next year’s state budget.

Corrects tax rates on alcohol, corrects sponsorship of S-2016. 

TRENTON � The Senate Budget and Appropriations Committee today approved a $28.6 billion state budget, which dramatically cuts spending while preserving funding for important health and education programs and provides needed property tax relief for seniors, for the fiscal year that begins July 1.

�This bill represents a tremendous amount of work by a great number of people and embodies the difficult choices we faced in light of the unprecedented economic downturn that is affecting this country and the state of New Jersey,� Sen. Buono said. �It incorporates more than $4 billion of cuts, an unprecedented amount level of cutting that reflects the sharp reduction in revenues the state is experiencing. This budget had been balanced primarily by spending cuts and reductions in baseline growth.

TRENTON – The Senate Budget and Appropriations Committee today approved a $28.6 billion state budget, which dramatically cuts spending while preserving funding for important health and education programs and provides needed property tax relief for seniors, for the fiscal year that begins July 1.

“This bill represents a tremendous amount of work by a great number of people and embodies the difficult choices we faced in light of the unprecedented economic downturn that is affecting this country and the state of New Jersey,” Sen. Buono said. “It incorporates more than $4 billion of cuts, an unprecedented amount level of cutting that reflects the sharp reduction in revenues the state is experiencing. This budget had been balanced primarily by spending cuts and reductions in baseline growth.