FY 2011 Budget Closes $11 Billion Shortfall without Raising Taxes, In Step with Governor?s Commitment to Restore Fiscal Order and Begin Fundamental Reform
Monday, June 21, 2010
Trenton, NJ ? The Legislature today reached a bipartisan consensus in support of Governor Chris Christie?s budget plan to close an unprecedented $11 billion deficit without raising taxes. The budget fulfills Governor Christie?s commitment to make the necessary and tough choices to solve the state?s fiscal crisis and begin the fundamental reform necessary to grow New Jersey?s economy and create jobs. Furthermore, the Governor found additional cost savings that will restore critical funding aimed at protecting New Jersey?s most vulnerable citizens.
?This budget stays true to the principles I originally outlined, keeping spending within our means and restoring fiscal order without raising taxes. This budget lays the foundation for necessary long-term reforms that will help New Jersey recover from today?s economic and fiscal crisis,? Governor Christie said. ?At the same time, as difficult as this process has been, we dedicated ourselves to identifying further budget savings in order to restore funding for programs that serve the most vulnerable New Jerseyans.
?This has been an arduous process that has required many difficult decisions, but I want to extend a hand of gratitude to leaders on both sides of the political aisle in Trenton for coming together in the best interest of our state in order to get the job done.?
In addition, the Governor resolved the revenue issue surrounding an earlier proposal to repeal the Bergen County Blue Laws, thereby ensuring that the blue laws remain in effect. Treasurer Andrew Sidamon-Eristoff has identified alternative revenues including enhanced sales tax compliance and corporate audit settlements.
The final budget calls for spending $29.38 billion and leaving a surplus of over $300 million ? the same figures Governor Christie proposed in March and updated in May for the fiscal 2011 budget. Governor Christie made it a critical requirement that any increases by the Legislature to restore funding to programs occur within his budget proposal of $29.38 billion and protect the year-end surplus.
Governor Christie has also maintained that, even during an unprecedented fiscal crisis, we must protect those most in need by providing funding for critically needed services. As such, Governor Christie and the Legislature identified $74 million in additional cost-savings within the budget that will make it possible to restore funding for the following programs:
Protecting The Most Vulnerable New Jerseyans