News Flash

Home

Posted on: March 25, 2020

State Freezes Spending

State Treasurer Muoio issued a new voluntary disclosure statement to bond holders providing detail on the potential impact COVID-19 may have on the State’s finances, including revenue collection and pension fund contributions. The disclosure statement also noted that the Director of the Office of Management and Budget on Friday placed $920,613,854 of appropriation into reserve in order to ensure sufficient cash and budget authority to meet emergency and statutorily required obligations. 

Included among the items was $141,851,261 from Homestead Benefit Program; $4,782,689 from Senior Freeze Program; and $44,738,465 from Municipal Aid Programs.

 We understand that the municipal aid programs is primarily transitional aid for municipalities that operate on a fiscal year calendar. For a full list of FY2020 spending items placed in reserve please see the Treasurer’s notice.

The State Treasurer also noted that the state expects a decline in revenues in Fiscal Year 2020 and Fiscal Year 2021, which include significant reductions in gross income tax revenues, corporate business tax revenues, and sales tax revenue, motor fuels taxes and casino-related taxes. Lottery sales have already started to decline and it is anticipated that trend will continue.

We will continue to keep you posted on the impact COVID-19 will have on the State budget.

Contact: Lori Buckelew, Senior Legislative Analyst, lbuckelew@njlm.org, 609-695-3481 x112.


Facebook Twitter Email

Other News in Home

April 1 Is Census Day

Posted on: April 1, 2020

CARES Bill Follow-up

Posted on: March 30, 2020

COVID-19 Update Week of March 22

Posted on: March 27, 2020

Federal CARES Act Analysis Continues

Posted on: March 27, 2020

CARES Act Preliminary Snapshot

Posted on: March 26, 2020

COVID-19: Free Informational Webinar

Posted on: March 24, 2020

March 23, 2020 Daily COVID-19 Update

Posted on: March 23, 2020

Governor Signs EO on Elections

Posted on: March 19, 2020

COVID-19 Bill Package

Posted on: March 15, 2020

Emergency Procurement Guidance

Posted on: March 15, 2020

March 13, 2020 COVID-19 Update

Posted on: March 13, 2020

State & Local COVID-19 Briefing

Posted on: March 10, 2020

Coronavirus Task Force Established

Posted on: February 11, 2020

Plastic Bag Ban Bill Advances

Posted on: January 31, 2020

Governor Delivers State of the State

Posted on: January 21, 2020

Lame Duck Roundup Week of January 13

Posted on: January 21, 2020

Treasury Funding Release Reported

Posted on: January 21, 2020

Gov. Approves Lead Service Line Bill

Posted on: January 10, 2020

Governor Signs Legislation

Posted on: January 10, 2020

DLGSA Extends CY 2020 Budget Deadlines

Posted on: January 3, 2020

Addressing a Toxic Culture

Posted on: January 3, 2020

Expungement Revisions Up for Final Vote

Posted on: December 13, 2019

FEMA to Delay New Flood Insurance Rates

Posted on: November 8, 2019

PFRS Personnel Hire & Search

Posted on: October 11, 2019

Gov. Murphy Issues Executive Order 83

Posted on: September 13, 2019

Recap of September PFRS Board Meeting

Posted on: September 13, 2019

2020 Rate Drop Recommended for SHBP

Posted on: September 9, 2019

Looking Forward: NJ Legislature

Posted on: September 9, 2019

Governor Freezes Most Transition Aid

Posted on: July 10, 2019

Recap of the July PFRS Board Meeting

Posted on: July 15, 2019

Spotted Lanternfly Information

Posted on: July 15, 2019

Cannabis Update

Posted on: June 7, 2019

Senate Acts on Medical Marijuana

Posted on: June 3, 2019

Recreational Marijuana Stalls

Posted on: May 17, 2019

Cannabis Vote in May?

Posted on: April 12, 2019