New Jersey Republican lawmakers yesterday proposed efficiency and belt-tightening measures to generate $1.32 billion of savings in Gov. Jon Corzine's proposed $33 billion fiscal 2009 budget. They also announced a plan to use $500 million of the potential savings to help finance the New Jersey Transportation Trust Fund Authority for an additional two years and generate a funding nest egg for long-term capital projects.
The financing plan would allow the TTFA to issue $1.6 billion of debt in fiscal 2012 and 2013, with those bond sales backed by a dedication of motor vehicle revenues that currently flow into the general fund. Without changes, the authority, which finances the state's transportation system, will run out of funding in 2012, an issue that has left officials over the past few months debating as to how best to keep the TTFA afloat.