New Jersey

Gov. Chris Christie last week signed into law a bill to create the Fort Monmouth Economic Revitalization Authority, which will transform an 1,100-acre Army base in northeastern New Jersey for civilian use.

Moody's Investors Service last week downgraded $1.1 billion of New Jersey cigarette tax bonds to Baa3 from Baa2. The outlook is negative.

Moody’s Investors Service Friday placed Newark, N.J.’s general obligation bond rating on review for possible downgrade as the city has less than three months to close a $70 million current-year budget deficit.

Use it or lose it. New Jersey’s Treasury Department plans to prod agencies into using an existing $1 billion of various general obligation bond funds, or the state may use them to help pay down GO debt or possibly meet other costs.

Newark, the largest city in New Jersey, must now look towards additional spending cuts and tax increases to fill a $70 million shortfall in its $600 million fiscal 2010 budget as the municipal council last week tabled Mayor Cory Booker’s plan to create a new utility authority.

The Port Authority of New York and New Jersey on Thursday approved a $1.2 billion expansion of a terminal at John F. Kennedy International Airport on behalf of Delta Air Lines and its partners.

The New Jersey Transportation Trust Fund Authority plans to use an outside financial adviser to help craft a financing plan as it faces the prospect of running out of money for new capital projects by July 2011.

Pennsylvania and New Jersey are looking to a potential public-private partnership to help finance replacement of the 50-year old Scudder Falls Bridge, which connects the two states over the Delaware River.

Mary Jane Darby, director of project management at the New Jersey Educational Facilities Authority, will serve as the agency’s acting executive director.

Roger Anderson last week stepped down as executive director of the New Jersey Educational Facilities Authority after serving there nearly eight years.

Barclays Capital will serve as senior manager on a $1.2 billion New Jersey Transportation Trust Fund Authority deal set to price in August or September.

New Jersey Gov. Chris Christie Wednesday released recommendations on how the state can improve its gambling and entertainment venues that have struggled during the economic downturn, including the use of tax-exempt bonds to help complete the stalled Xanadu ­project.

Newark Mayor Cory Booker Wednesday moved away from his proposal to create a new water utility authority to help close a $70 million current-year budget gap and instead announced that cuts would come from placing the city on a four-day work week and additional operating cuts.

The New Jersey Legislature on Aug. 5 will discuss the state’s projected $10.5 billion structural deficit for fiscal 2012.

Moody’s Investors Service Monday said that New Jersey’s new 2% property tax cap is a credit negative for the state’s local governments as those municipalities are already facing lower tax collections and rising employee costs.

New Jersey Transit Wednesday approved a $1.79 billion operating budget and a $1.35 billion capital plan for fiscal 2011, which began July 1.

New Jersey’s Local Finance Board approved an initiative Wednesday to create a new utility bonding authority for the state’s largest city, as Newark Mayor Cory Booker said the agency was needed to avoid tax hikes of 35%.

New Jersey Gov. Chris Christie today is set to sign an initiative to limit annual property tax increases to 2% in the state, which has some of the nation’s highest taxes.

New Jersey officials are working on redeveloping an Army base in Monmouth County to revamp the site for civilian use and transform it into a center of economic activity in the region.

New Jersey Gov. Chris Christie announced an alternative, statutory property-tax cap initiative Thursday that would not amend the state’s constitution, opening the door for a potential bipartisan agreement on the divisive issue.