On March 21, Chamber of Commerce Southern New Jersey's (CCSNJ) Manager of Government Affairs, Hilary Chebra, testified before the Assembly Budget Committee. The CCSNJ was the only South Jersey business organization to weigh in on the Governor's proposed $48.9 billion FY2023 Budget that is now under consideration by the Legislature and must be finalized by the June 30 deadline.
In her testimony, Ms. Chebra noted CCSNJ's concern with the growth in total spend as presented in the Governor’s proposed budget, which is currently a year-over-year increase of more than five percent. She cautioned that, though the state has seen a recent revenue surge due to higher than usual tax collections and an influx of assistance from the federal government, these are not reliable long-term revenue sources that the state can depend on in the future.
Ms. Chebra praised the steps taken in this budget to address long term fiscal issues, including the $6.82 billion pension payment, and the additional $1.3 billion deposit in the Debt Defeasance and Prevention Fund. She urged legislators to consider additional actions to address the underlying causes of the state’s highest in the nation property taxes, such as the creation of K-12 regional and countywide school districts, and, consolidating municipal services.
Ms. Chebra expressed disappointment that only an additional $50 million was allocated to the Main Street Recovery Fund and urged the Legislature to include in the final budget additional assistance for the business community. While no new tax increases were included in the Governor's proposed budget, employers currently face an Unemployment Insurance (UI) tax increase due to forced closures and layoffs as a result of the pandemic. Ms. Chebra asked that legislators follow the lead of 18 other states federal American Rescue Plan Act funds were allocated to fully or partially replenish UI funds, which will result in a tax .
Included in her testimony was support for $2.5 million allocation for the New Jersey Manufacturing Extension Program (NJMEP), as well as the $5 million allocation to help establish the Wind Institute for Innovation and Training, and the $25 million allocation towards redeveloping vacant commercial properties and other stranded assets. The CCSNJ also expresses support for a $1.5 million appropriation for Samaritan’s Expanded Access to Palliative Care Program.
The CCSNJ will testify before the Senate Budget Committee at the March 29 public hearing.
To view the CCSNJ's testimony click here. CCSNJ's testimony begins at the 6:10 mark.
To read the CCSNJ full written testimony on the Governor's proposed FY2023 State Budget, click here.
Should you have any questions, please contact Hilary Chebra, Manager of Government Affairs at hchebra@chambersnj.com.
