New Jersey Governor Chris Christie's recently presented proposed $32.9 billion budget for fiscal 2014 poses some concerns, says a Standard & Poor's Ratings Services commentary published Wednesday.

In the commentary, "New Jersey's 2014 Proposed Budget: Structural Balance Remains Elusive," Standard & Poor's flags some areas that could create challenges for the state. Key concerns regarding the fiscal 2014 budget are: a fiscal 2014 revenue forecast that is built on fiscal 2013 revenue targets that, based on our analysis, could be challenging to meet even after recent downward revenue revisions; the uncertain timing and financial impact of Superstorm Sandy recovery efforts; the federal funding flow and the general economic impact of federal fiscal consolidation efforts; a still-uncertain macroeconomic environment; reliance on new and untested revenues; and potential implementation risks and added cost pressures associated with health care reform efforts.

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