New Jersey
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.
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.
New Jersey
Thanksgiving Tail: NJ Mom Says Anxious Dog Saved Her Son's Life
NORTH JERSEY — Ella the dog, a poodle-St. Bernard mix, is not an emotional support animal, says her owner, Beth Fitzgerald of Hoboken.
“She needs support,” Fitzgerald joked during a recent interview. She said Ella, who’s eight years old, has stomach problems and anxiety.
But this Thanksgiving, Fitzgerald, her husband, and her four adult children are thankful that Ella saved one of their lives.
Fitzgerald said that last May, she and her husband moved into an apartment in Maxwell Place in Hoboken. Three of her adult children also live in that city.
The family grew up in Montgomery, N.J., in Somerset County, but have since moved north.
In May, the family decided to travel to Boston for a ceremony for their oldest child’s graduation from graduate school.
Fitzgerald’s son Liam, 26, decided to stay behind for a day. He slept in his mom and dad’s relatively new rental in Maxwell Place that night and watched Ella, who was going to go to a sitter the next day.
But Ella started acting unusual that day.
At the same time, Liam was having headaches and didn’t feel well.
Since moving into Maxwell Place on May 1, Beth had smelled gas each day, but decided it was a slight smell and thought it disappeared when she got close to the oven. So she had dismissed it.
But when her son called and said he didn’t feel well — and Ella was acting unusual — she put it all together and knew the gas might be causing a problem.
Beth told Liam to immediately call the gas company, PSE&G, and not just the building supervisors. She also told her son to leave the apartment.
Luckily, PSE&G came and found the source of the leak. It was the oven after all. It’s since been replaced.
Fitzgerald said she’s been beating herself up a bit over leaving her son in an apartment with a gas leak. She said part of the reason she never called was that she didn’t want a big deal with fire trucks coming and the like. But she said she wanted people to learn from the incident.
“If you smell gas, don’t do what I did,” she said. “I keep thinking, what if it had been midnight [and Liam was asleep]? What if Ella didn’t act weird? Don’t hesitate. You call PSE&G immediately.”
She noted that chemicals are added to natural gas to give it an odor, so people can detect if there’s too much.
“If anything had happened to my son or my dog, I would have never been able to forgive myself,” she said.
Brian Clark, a vice president for PSE&G Gas Operations, said, “We’re so glad Beth took action and told her son to leave the house immediately and call PSE&G. She did exactly the right thing to ensure their safety, and the neighbors’ safety. If you ever smell gas, leave the area immediately.”
IF you have an emergency, you can call PSE&G at 1-800-880-PSEG (7734) or 911. You can learn more at PSEG.com/gassafety.
Meanwhile, Patch asked Ella herself for a comment on her heroic actions in May.
Ella looked away, licked her lips, then ran and hid behind her mommy.
New Jersey
Companies could easily flee NY for NJ over new congestion toll: senator
Companies might easily flee New York for New Jersey if they find that the new congestion pricing toll in Midtown is hurting their business and workers too much, Garden State Sen. George Helmy said Sunday.
The $9 charge for cars and up to nearly $22 for trucks is expected to have an outsized effect on commuting New Jerseyans and firms that do business in Manhattan, Helmy said on CBS New York’s “The Point with Marcia Kramer.”
The senator said the toll — which proponents claim will cut traffic and fund the perennially cash-strapped public transit Metropolitan Transportation Authority — might cause some New York businesses to move across the Hudson, where workers and customers won’t have to fork over the extra cash.
“You’ve seen over the last two years more and more New York City-based organizations, including business groups, say that this is bad for business and bad for working families in the city,” Helmy said.
“A lot of the employees who come to the city every day are New Jerseyans, mostly north New Jerseyans, or [they] live in our shore communities,” the senator said.
“And if they can get [their] businesses to move into Jersey City or Hoboken, where we’re already seeing some of that influx, I think it’s going to be good for New Jersey,” he said.
But he reiterated that congestion pricing as a whole is “bad for New Jersey, and it’s bad for the city.”
Several Garden State officials, including Gov. Phil Murphy, Rep. Josh Gottheimer and Rep. Mikie Sherrill, have called the new tolls a mistake.
“This plan is a tax on New Jersey families meant to force New Jerseyans to pay for MTA upgrades — all without getting a cent back for NJ TRANSIT,” said Sherrill, who along with Gottheimer is running to replace Murphy next year.
“Make no mistake: New Jersey will not sit back and take it quietly as New York uses our commuters as a meal ticket for the MTA,” she said.
There are already nearly a dozen lawsuits challenging the pricey plan, which recently cleared a key legislative hurdle and is set to start Jan. 5, CBS said.
Earlier this month, lawyers for the New Jersey governor urged a Newark federal judge to rule on one of the biggest lawsuits aimed at nixing congestion pricing — a plan that Hochul proposed, then paused before the election, then moved ahead on again right afterward.
“I have consistently expressed openness to a form of congestion pricing that meaningfully protects the environment and does not put unfair burdens upon hardworking New Jersey commuters.” Murphy has said about the toll. “Today’s plan woefully fails that test.”
New Jersey
Vigil in Lawnside shines light on love and unity in face of recent hate incident
It has been decades since Lawside was subject to a racist attack, according to Linda Shockley, president of the Lawnside Historical Society. Shockley said the last recorded incident was shortly after the borough’s incorporation in 1926. During that time, several residents of Woodcrest burned crosses on several occasions when that white neighborhood was unsuccessful in trying to secede from Lawnside.
Shockley, who is a member of WHYY’s Community Advisory Board, spoke to the crowd about the borough’s history dating back to the colonial period when Lawnside was known as Free Haven.
“We were taught in our schools the proud history of this community, founded by people who believed in freedom,” she said. “These people followed that desire to be free. It’s a natural human desire to be free.”
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