N.J. lawmakers expected to pass budget this week

By: Phil Gregory

A crucial week is starting for New Jersey’s next state budget. The plan introduced late last week goes before the budget committees of the State Senate and Assembly Monday and a final vote in the full Legislature could come as soon as Thursday.

By: Phil Gregory
pgregory@wbgo.org

A crucial week is starting for New Jersey’s next state budget. The plan introduced late last week goes before the budget committees of the State Senate and Assembly Monday and a final vote in the full Legislature could come as soon as Thursday.

The $28.6 billion budget suspends property tax rebates for all New Jersey residents, except senior citizens and the disabled, increases taxes on wine, liquor and cigarettes, and raises taxes on anyone making over 400-thousand dollars a year.

Listen:
[audio: 090612pgbuget.mp3]

In previous years, funding for projects favored by politicians was restored shortly before enactment of a budget. This time Assembly Speaker Joe Roberts expects only minor changes to the budget plan

Roberts: The reality is we don’t have the money to make a lot of changes and I think this budget process this year began with a real sober sense of realism that we’re in a tough set of circumstances and we have to just try and get through it.

A dropoff in income tax collections and other revenue during the recession led to some budget cuts and Roberts say officials will monitor the pace of revenues in coming months to determine whether more adjustments in spending need to be made.