New Jersey

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.

New Jersey Gov. Chris Christie Tuesday signed into law a $29.38 billion spending plan that includes debt restructuring to move costs into future years and skips a $3 billion contribution to the state pension plan.

Morgan Stanley will serve as book-runner on a New Jersey general obligation refinancing deal set to price in the third quarter, beating out 21 other firms for the senior management seat.

The Port Authority of New York and New Jersey is looking to reserves to provide self-liquidity for its commercial paper program, officials said Tuesday.

New Jersey lawmakers Monday evening announced a bipartisan fiscal 2011 budget deal similar to the spending plan that Gov. Chris Christie filed in March.