New Jersey

Revenue surge will play a role in New Jersey budget deliberations

Published

2 years ago

May 31, 2022

Revenue surge will play a role in New Jersey budget deliberations

State finances negotiations in New Jersey are getting the advantage of tax income hauls in March and April that far outpaced expectations.

Indicators of strong financial restoration in New Jersey added a further $4.5 billion in income to the state’s fiscal 2022 estimates, in keeping with Gov. Phil Murphy’s workplace.

“The fast income restoration final 12 months, adopted by the continued income surge this 12 months, is unprecedented” and marked a 35% improve “from a low of $38.0 billion in FY20” to “an estimated $51.4 billion as we speak,” Deputy Treasurer Aaron Bind advised the State’s Senate Price range Committee on Could 16.

New Jersey tax income estimates are up $4.5 billion, in keeping with Gov. Phil Murphy’s administration.

Bloomberg Information

Now, lawmakers should resolve find out how to allocate the flood of income earlier than the top of the fiscal 12 months on June 30.

“Negotiations are nonetheless ongoing,” in keeping with Danielle Currie, press secretary for the Workplace of the State Treasurer, who added, by way of e-mail, that the Murphy administration is trying to assist proposals that “embrace a wholesome surplus, reduces State debt, and delivers property tax aid to New Jersey households.”

Murphy’s Democratic Get together holds majorities in each homes of the legislature however they aren’t essentially marching in lockstep.

Materially, that has meant negotiating round efforts just like the tax aid scheme put ahead by Meeting Speaker Craig Coughlin.

“He’s looking for to create the biggest tax aid plan in state historical past,” stated his spokesperson Cecilia Williams, through the use of funds to vastly broaden the prevailing ANCHOR program, which, in its present iteration, offers property tax rebates to owners making as much as $250,000 a 12 months. The newest GOP proposal additionally requires billions in earnings and property tax aid.

Senate Price range and Appropriations Chair Paul Sarlo has made planning for the following recession a key initiative. Earlier than the current replace to income estimates, Sarlo was asking for a $5 billion surplus going into the following fiscal 12 months – the Governor had agreed to $4.5 billion. Now, nonetheless, Sarlo is pushing for upwards of $8 billion, and negotiations are nonetheless ongoing, in keeping with his workplace.

“The surge in state income is welcome, however it comes with warnings,” Sarlo stated by way of Twitter. “We will not count on it to proceed. We have now to be prudent and accountable in how we handle assets.”

In accordance with Ted Hampton, senior credit score officer at Moody’s Buyers Service, “a lot of state officers, not simply in New Jersey, are having related ideas.”

“States are at one thing of an inflection level,” he stated. “There’s been this very sturdy financial and income development that is offered plenty of assist. It is offered what you would possibly name a tailwind.”

States throughout the U.S. have had sturdy financial rebounds following pandemic lows – neighboring New York, for instance, posted 33% income development in two years. Now, they’re shifting right into a interval of extra “salient financial and income dangers,” and pondering previous the current interval is essential.

“In the event you get an enormous windfall, ” stated Hampton, “and you utilize it to assist your regular programmatic spending, then as soon as you’ve got spent all that cash, and you need to fund the identical applications, the following 12 months, you are in bother.”

Quite, the state ought to search to create “an even bigger budgetary cushion” by “forcibly addressing its long-running issues,” Hampton stated.

A technique to do this is to pay down debt, because the state did in February when it retired $3 billion in debt. The transfer was influential in Moody’s choice to improve New Jersey’s ranking to A2 from A3 a month later.

“The best way they carry that out was a part of our view that the state had actually made important progress that warranted the next ranking,” Hampton stated. “They may, once more, take extra income that they are receiving now and additional scale back their debt burden.”

Paying down debt is a extensively supported transfer throughout the state authorities, and billions in surplus will probably be funneled in direction of a debt defeasement fund. How a lot continues to be up within the air, and proposals vary from $1.3 billion to $8 billion.

Earlier this 12 months, S&P World Scores additionally upgraded New Jersey’s basic obligation bond ranking to A-minus from BBB-plus. Fitch Scores charges New Jersey A-minus with a constructive outlook, and Kroll Bond Score Company charges them A with a constructive outlook.

Lawmakers have till June thirtieth to finalize the finances.

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New Jersey

Devils Play Host to Rangers | PREVIEW | New Jersey Devils

Published

3 hours ago

September 29, 2024

Press Room

Devils Play Host to Rangers | PREVIEW | New Jersey Devils

THE SCOOP

While one half of the New Jersey Devils have departed for Prague, the other group of players will finish up the preseason schedule for the Devils before the opener on Friday.

The roster will be comprised of players on the Utica Comets roster and players on PTOs hoping to earn a contract and the games will be coached by the Utica coaching staff, under the guidance of head coach Kevin Dineeen.

The Rangers will have a lot of their NHL players in the lineup, offering up a big task for the Devils.

New York is however dealing with a couple of injuries, the latest to forward Jimmy Vesey who left practice on Sunday

WHO’S HOT

Devils: There hasn’t been a ton of time for the Utica players to stand out, with the first few games of the preseason having NHL-heavy rosters.

Rangers: Chris Kreider has continued where he left off last season, with five points through this early preseason.

INJURIES

Devils: Pesce (leg), L. Hughes (shoulder)

Rangers: Vesey (unknown)

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New Jersey

Unanswered questions from N.J. Transit – and a mother’s nightmare | Opinion

Published

13 hours ago

September 29, 2024

Press Room

Unanswered questions from N.J. Transit – and a mother’s nightmare | Opinion

By Martin Dunn

On July 24, I appeared in front of the NJ Transit Board of Directors to ask questions about the death of a teenager on the tracks near Mays Landing nearly a decade ago. I specifically asked: Is the investigation into the case of 18-year-old Tiffany Valiante still ongoing, or, if it is closed, why has crucial evidence – including personal belongings — not been returned to the family?

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New Jersey

FIFA names Club World Cup 2025 venues; New Jersey to host final

Published

20 hours ago

September 29, 2024

Press Room

FIFA names Club World Cup 2025 venues; New Jersey to host final

The revamped 32-team tournament will be held at 12 venues across the US a year before it hosts the FIFA World Cup 2026.

The 2025 FIFA Club World Cup final will be held in New Jersey, home of the NFL’s New York Giants and New York Jets, world football’s governing body has announced.

FIFA President Gianni Infantino announced the venue lineup for the revamped tournament on Saturday.

The expanded 32-team tournament, which will feature leading clubs from around the world, will be held around the United States from June 15 to July 13.

A total of 12 venues will be used for the tournament with only two of them on the West Coast – the Rose Bowl in Pasadena near Los Angeles and Lumen Field in Seattle.

The tournament is taking place at the same time as the regional CONCACAF Gold Cup which will be held mainly on the West Coast.

The open-air stadium for the final, which opened in 2010 and has a capacity of 82,500, held the Copa America Centenario final in 2016 when Chile denied Lionel Messi’s Argentina for a second time in a penalty shootout. It will also host the FIFA World Cup 2026 final.

The other venues which will host games are – Mercedes-Benz Stadium (Atlanta), Bank of America Stadium (Charlotte), TQL Stadium (Cincinnati), Hard Rock Stadium (Miami), GEODIS Park (Nashville), Camping World Stadium (Orlando), Inter&Co Stadium (Orlando), Lincoln Financial Field (Philadelphia) and Audi Field (Washington, DC).

Coming to the USA in 2025 🇺🇸#TakeItToTheWorld | #FIFACWC pic.twitter.com/ocAOgy87Fl
— FIFA Club World Cup (@FIFACWC) September 28, 2024
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The Club World Cup will feature title-winning teams from each of FIFA’s continental confederations.

The draw for the tournament will be held in December, with 30 of the 32 places already secured through the qualification procedure.

Real Madrid, Manchester City and Bayern Munich are among the 12 European teams who have qualified for the tournament while Argentina’s River Plate and Boca Juniors and Brazil’s Flamengo are among six South American teams.

“This new FIFA competition is the only true example in worldwide club football of real solidarity and inclusivity, allowing the best clubs from Africa, Asia, Central and North America and Oceania to play the powerhouses of Europe and South America in an incredible new World Cup which will impact enormously the growth of club football and talent globally,” Infantino said.

The tournament will be viewed as a key test ahead of the World Cup 2026 and there will be a focus on security issues after crowd problems at July’s Copa America games at the stadiums in Charlotte and Miami.

FIFA has yet to announce any broadcast deals or sponsorship contracts for the tournament and the competition has faced some opposition within the game.

FIFPRO and the European Leagues body filed a joint complaint to the European Commission against FIFA over the introduction of the tournament into the international match calendar.

Opponents of the new tournament have said it adds further congestion to an already crowded schedule and increases the workload of players.

The last version of the Club World Cup featured seven teams in a knockout format and was won by Manchester City who beat Brazil’s Fluminense in the final in Saudi Arabia.

FIFA plans to hold the expanded tournament every four years, although no host has yet been chosen for the 2029 edition.

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