In this February file photo, Senate President Stephen M. Sweeney, D-West Deptford, N.J., and Assembly Speaker Vincent Prieto, D-Secaucus, N.J., listen as New Jersey Gov. Chris Christie emphasizes a point as he delivers his budget address at the Statehouse Tuesday, Feb. 25, 2014, in Trenton, N.J. Christie criticized what he calls the "exploding" costs of public employee pensions and health care in his fifth annual budget message Tuesday. Christie says the pension reforms enacted during his first term don't go far enough.
- BUDGET HIGHLIGHTS
UEZs: State Sen. Jeff Van Drew worries that the governor wanting to close “corporate loopholes to promote tax fairness” could hurt Urban Enterprize Zones.
SHARED SERVICES: Christies proposes spending $8.5 million to reimburse local and county governments that increase shared services and consolidations.
REVENUE GROWTH: Nearly 6 percent, including about 8 percent growth in income tax revenue. State Sen. James Whelan calls the projections “overly optimistic.”
RETIREE COSTS: The state would make a $2.25 billion contribution to the pension funds for public employees in the fourth year of a seven-year phase in to meet the full obligation. Over the last two decades, the state has often skimped on or skipped payments.
TAXES: Christie has not revived a proposal to cut taxes. He made a proposal to do so in 2012, but it was thwarted by lawmakers. He has frequently talked of reviving the idea.
Posted: Wednesday, February 26, 2014 12:20 am
Atlantic County News,
Cape May County News,
Cumberland County News,
New Jersey News,
Ocean County News,
Today's Top Stories
Wednesday, February 26, 2014 12:20 am.