In her testimony, Ms. Renna noted that while the $44.8 billion dollar budget does not include new taxes or fees, it will result in higher taxes in the future as it relies heavily on $4.3 billion in borrowing by state government, which the CCSNJ opposed last fall. Ms. Renna also cautioned that though this budget makes the first full annual obligation payment to the pension fund, a payment of $1.6 billion, that this too is being paid with borrowed money that will cost more in the long term.
Ms. Renna urged the Legislature to continue to consider the proposals contained in Senate President Sweeney’s Path To Progress report, specifically the shared-services initiatives on both the school and municipal level.
Additionally, Ms. Renna praised the Administration for the $200 million appropriation to the NJ Wind Port and the additional $50 million to the Main Street Recovery Program, targeted to help small businesses impacted by the pandemic.
The CCSNJ will remain engaged in the budget discussions during testimony from departments heads on their departmental budgets.
The schedule for the Senate budget hearings can be found here.
The schedule for the Assembly budget hearings can be found here.
To read the CCSNJ full written testimony on the FY2022 State Budget, click here.
Should you have any questions, please contact Hilary Chebra, Manager of Government Affairs at hchebra@chambersnj.com.
