Think you’re getting a tax decrease?
Jon Corzine tightens state wallet on way out
Oh boy, this doesn’t look like good news for Hoboken residents! With the city budget being announced at tomorrow’s City Council meeting, you can bet the house that it will most certainly have to be (negatively) amended many many times before it’s finalized!
Corzine plans to withdraw $20.7 Million dollars in *already committed* Municipal funds, Lambertville Mayor David DelVecchio said “This has never happened. We’ve had aid go up, aid go down, but we’ve never had aid cut back once it was committed.” Additionally, William Dressel, executive director of the state League of Municipalities said “There are towns that are going to be confronted with a serious cash flow problem. I’m very much concerned that this is just the first salvo of many more to come.” Read more at NorthJersey.com.
Where’s the money going to come from now?
The AP reports:
“New Jersey is about to wield a budget ax again on programs and services as tax revenues continue to take a beating. Gov. Jon Corzine expects department heads to identify $400 million in spending cuts by Tuesday. Information disclosed to potential investors this week shows the governor also may be planning to freeze or reduce up to $400 million in payments to schools, towns, colleges, hospitals and the pension fund.
A deepening revenue shortfall and additional appropriations have combined to create a deficit projected at $1 billion (possibly even $1.5 Billion).Tax collections for the first four months of the fiscal year were about $410 million lower than expected.
A recent Pew Center on the States report has identified New Jersey as one of nine states whose fiscal problems are as dire as those in California.“