New Jersey

Local governing bodies in New Jersey will now weigh in on hundreds of school district budgets that voters rejected in Tuesday’s election.

New Jersey Gov. Chris Christie’s budget philosophy is for the state and local governments to operate more efficiently with less revenue rather than increasing taxes or fees.

Sen. Robert Menendez, D-N.J., yesterday joined the ongoing rum-tax revenue debate between Puerto Rico and the U.S. Virgin Islands by filing legislation that would limit subsidies to rum makers to 10% of a territory’s yearly rum-tax revenue.

New Jersey Transit yesterday approved a system-wide fare increase of 22% to generate $126.6 million of new revenue and help close the agency’s estimated $300 million fiscal 2011 deficit.

New Jersey voters could weigh in on whether to allow legalized sports betting if lawmakers approve placing the question on November's ballot.

Bank of America Merrill Lynch will pay New Jersey $4.87 million and repurchase auction-rate securities sold to investors in a settlement agreement over alleged misinformation regarding the floating-rate securities.

New Jersey's nonpartisan Office of Legislative Services projects that fiscal 2010 and fiscal 2011 tax collections will come in almost $250 million below Gov. Chris Christie's revenue estimates, due in part to sluggish sales tax receipts.

The Port Authority of New York and New Jersey plan to competitively sell $116.8 million of bonds on Wednesday to refund outstanding debt.

Moody’s Investors Service Thursday upgraded the Port Authority of New York and New Jersey to Aa2 with a stable outlook from Aa3, citing its favorable financial results in tough economic times. The upgrade affects $12.4 billion of outstanding debt.

TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday unveiled his first budget proposal, a $29.3 billion plan for fiscal 2011 that is $2.9 billion smaller than the current budget and fills a $10.7 billion deficit.

New Jersey plans to issue requests for proposals for banking services in every negotiated deal going forward rather than picking banks from its current pool of underwriters.

The Port Authority of New York and New Jersey yesterday took a step toward cashless tolling at its six state border crossings. The agency approved the design and construction of a new $175 million toll collection system at its monthly board meeting.

Beginning in 2011 Essex County, N.J., may need to repay bondholders on more than $2 million of outstanding debt, as the Garden State Cancer Center is in technical default on the loan.

New Jersey is seeking letters of credit for up to $800 million of school construction debt issued by the New Jersey Economic Development Authority.

New Jersey Gov. Chris Christie last week appointed Sen. Bill Baroni to serve as deputy executive director of the Port Authority of New York and New ­Jersey.

The triple-A rated New Jersey Environmental Infrastructure Trust Wednesday will sell $130 million of tax-exempt bonds via competitive bid to help finance clean water projects throughout the state.

New Jersey Acting Treasurer Andrew Eristoff Thursday told a Senate committee that the New Jersey Transportation Trust Fund Authority may refund bonds to help generate needed borrowing capacity in fiscal 2011.

NJ Transit may increase fares on buses and trains as early as May to help absorb a $33 million funding cut from the state and help plug a projected fiscal 2011 deficit of nearly $300 million.

TRENTON, N.J. — New Jersey Gov. Chris Christie yesterday declared a fiscal emergency and announced his plans to withhold $475 million of school aid, as well as cut funding to New Jersey Transit, higher education, hospitals, and other programs to fill a $2.2 billion fiscal 2010 billion deficit.

New Jersey Gov. Chris Christie yesterday announced that an advisory commission will draft proposals to strengthen the state’s gaming industries and entertainment venues, as well as suggest ways to improve New Jersey Sports and Exposition Authority operations.