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SOrising
Citizen
Username: Sorising
Post Number: 146
Registered: 2-2006
| | Posted on Wednesday, March 22, 2006 - 7:11 pm: | 
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Here are some excerpts from a NY Times article about New Jersey’s state budget:
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New Jersey faces a deficit of $4.3 billion in the fiscal year that begins July 1, and billions more in years to come. Nor was his speech partisan. If anything, Mr. Corzine, a Democrat, aimed his most biting criticism at another Democrat, former Gov. James E. McGreevey, saying that the state had relied too heavily in the last four years on budget gimmicks or reckless borrowing to balance its books.
"Every time we use a gimmick or a trick to pay for this year's expenses, all we're doing is making next year's problem worse," he said. "This addiction to short-term solutions to long-term problems has continuously compounded the deficit hole for succeeding years' budgets and eroded the state's credit rating as a result. These practices must end. And they will.".....
Over all, the proposed budget would be 10 percent bigger than in the current year. But Mr. Corzine said that much of that increase was driven by "already legislated, mandated, negotiated and inflated costs" pertaining to pensions, education and other expenses.
As a result, Mr. Corzine said, he had to curb costs in areas where the state had more discretion, like higher education, health care and aid to municipalities.
He acknowledged that he would not be able to offer as much in property tax rebates as he had promised during the campaign. Mr. Corzine proposed to increase the current rebates by 10 percent.
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This is the first of several years in which aid to municipalities will decrease. How will South Orange’s reliance on “budget gimmicks or reckless borrowing to balance its books” hurt it in the years ahead, when it can expect less and less from the state? How much will South Orange’s credit rating be downgraded as a result?
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MHD
Citizen
Username: Mayhewdrive
Post Number: 3640
Registered: 5-2001
| | Posted on Wednesday, March 22, 2006 - 8:36 pm: |
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In addition, why in the world would the State provide "Extraordinary Aid" to a town that spends up to a half million dollars on artwork? |
John Quincy Adams
Citizen
Username: Randolph_agarn
Post Number: 7
Registered: 3-2006
| | Posted on Wednesday, March 22, 2006 - 9:59 pm: |
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Well, MHD, governments do love to waste money. |
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