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I. Governor Vetoes Revenue Raisers, Cuts Line-items in Appropriation Act and Signs State FY 2015 Budget

As forecast in our June 27 letter, available at www.njslom.org/letters/2014-0627-Budget.html, Governor Christie has vetoed the proposed Income Tax and Corporate Tax increases. As a result of those vetoes and other adjustments effected by the exercise of his line-item veto powers, the Governor asserted that the amount of state funds available in the new fiscal year will be $32.9 billion – about $1 billion less than the Legislature had assumed in the bill it had passed last Thursday.

The final budget WILL NOT reduce municipal property tax relief funding programs. The Governor balanced the budget, via the line-item veto, by underfunding actuarially required public pension payments and by reducing other proposed spending. In his message to the Legislature and in his Press Release on these actions, Governor Christie reiterated his call for more public employee pension and benefit changes. We will share specific details on the Governor’s proposed changes, when they are made available.
When the Appropriations Act and supporting analyses are posted on-line, you will be able to access them at the Legislature’s website at www.njleg.state.nj.us and on Treasury’s homepage at www.state.nj.us/treasury.

Contact: Jon Moran, 609-695-3481, ext. 121, or jmoran@njslom.com.

 

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