State of New Jersey

New Jersey's $32.7 billion budget for its shortened nine-month fiscal 2021 includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that may result from a possible second wave of coronavirus.

Analysts warn that borrowing planned in a revised New Jersey budget will result in lasting fiscal distress as it pays back the debt.

The deal struck by Gov. Phil Murphy to increase marginal rates on income over $1 million is not expected to make a material difference to the state deficit.

A proposed financial transaction tax in aimed at bolstering tax revenues could cost the state Wall Street business, analysts warn.

Former New Jersey Department of Treasury senior staffer Bobby Rand explains why he thinks Gov. Phil Murphy’s $4 billion borrowing proposal to offset lost revenues caused by the COVID-19 pandemic will exacerbate the state’s fiscal woes.  Andrew Coen hosts. (29 minutes). 

Gov. Phil Murphy’s administration faces a fast-approaching deadline to choose its debt strategy: long-term GO bonds or the Fed's Municipal Liquidity Facility.

A new state revenue forecast could put a crimp in the governor's $4 billion emergency funding bond plan.

A drop in fuel consumption prompted New Jersey to raise its gas tax, above the levels of New York, whose residents took advantage of lower prices and filled up before exiting the state when driving through.

New Jersey Gov. Phil Murphy pitched a revised $32.4 billion nine-month 2021 fiscal year budget that hinges on billions of borrowing and newly enacted taxes to confront a coronavirus-induced revenue gap.

The state's highest court unanimously ruled that a law Gov. Phil Murphy spearheaded to authorize up to $9.9 billion of bonds is constitutional.

Republican opponents of New Jersey Gov. Phil Murphy’s proposal to borrow up to $9.9 billion for offsetting COVID-19-related revenue losses argued before the state’s highest court Wednesday the state’s constitution and past legal precedent should prevent the plan from proceeding.

Lottery revenues, used to cover a chunk of the state's pension payment, will fall about $163 million short.

A 16-year-old bond case reemerged to play a central role in Republican efforts to halt Gov. Phil Murphy’s $9.9 billion borrowing plan.

Gov. Phil Murphy reached a deal with Democratic state legislative leaders to pass nearly $10 billion of borrowing to deal with COVID-19 pandemic revenue shortfalls. The deal faces a legal showdown with Republican leaders.

The Garden State defers nearly $2 billion of spending into the new fiscal year, which could force them to make difficult choices in the fall.

New Jersey Transit’s capital funding needs could get a boost from GOs if state lawmakers green light a proposal authorizing in new debt for the state.

Measure seeking billions of general obligation bonds without voter approval cleared General Assembly late last week but faces uncertain fate in the State Senate.

Gov. Phil Murphy’s $5 billion emergency bond plan to patch revenue gaps caused by the COVID-19 pandemic faces an uncertain future in the state legislature.

With postponing expenditures and the rainy-day fund withdrawal, the state still forecasts a yearend surplus.

The Garden State may be facing a more than $10 billion shortfall through the end of next fiscal year, according to Treasurer Elizabeth Maher Muoio.