NJ debt grows by $381 million from 2013 to 2014

The state’s latest debt report shows New Jersey’s obligations increased by $381 million or about 1 percent in the last fiscal year, the smallest increase of Gov. Chris Christie’s administration.

The New Jersey Office of Public Finance published a report Friday showing bonded debt rose from $41.5 billion to $41.8 billion from June 30, 2013 to June 30, 2014.

Meanwhile non-bonded obligations including the state’s public pension system ballooned by $4.8 billion.

Treasury spokesman Joseph Perone says that despite agreements to reform the pension system the benefits “continue to be unsustainable.”

Christie and the Legislature agreed to benefits payments in 2011, but a funding gap last year resulted in Christie’s slashing payments.

Perone says additional reform is needed to make debt more affordable.

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