May 18, 2011
Re: Urge Governor and Legislators to Increase Municipal Property Tax Relief.
Legislative Services and State Treasurer Project Increased State Revenue.
Yesterday morning in Trenton, the Legislature’s highly respected Budget and Finance Officer, Dr. David J. Rosen, presented the non-partisan Office of Legislative Services’ (OLS) latest revenue estimates for the State’s current and upcoming Fiscal Years. Dr. Rosen projects Income Tax receipts will exceed Governor Christie’s February projections by $633.9 million this year, and by $811.7 million, in the next Fiscal Year, which will run from July 1, 2011 through June 30, 2012. These gains will be partially offset by losses in other revenue sources. The State’s net gains will be $429.6 million this year and $483.8 million next year.
In the afternoon, State Treasurer Andrew Sidamon-Eristoff presented his Department’s revisions. Though lower than the OLS projections, the Treasurer agrees that additional monies will be available for priority spending. His statement envisions net gains of $242 million this year and $323 million in FY 2012.
Through the Treasurer, Governor Christie has proposed that this year’s previously unanticipated resources (plus $100 million in lapsed funding) be appropriated as follows: $253 million in increased pension contributions; $35 million in unspecified supplemental appropriations; and $54 million added to surplus. Of next year’s $323 million, $225 million would go to increased Homestead Credits and $98 million would be added to surplus.
State budget deliberations are now entering the final phase. With between 565 million and 913 million new dollars available, we must urge State policy makers to consider last year’s massive cuts in dedicated municipal property tax funding and to return $275 million to our property taxpayers through the Energy Tax, CMPTRA and Open Space funding.
We urge you to contact the Governor’s Office and your State Legislators. Remind them of recent property tax relief funding cuts (like the $275 million Energy Tax, CMPTRA and Open Space preservation cuts that occurred just last year). And remind them of the needs of your property taxpayers for consistent relief in compliance with state statutes.
If you have any questions, contact Jon Moran at 609-695-3481, ext. 121 or firstname.lastname@example.org
Very truly yours,
Hon. Chuck Chiarello William G. Dressel, Jr.
President, NJLM and Executive Director
Mayor, Buena Vista Township