Governor Chris Christie’s decision to cut New Jersey’s pension contributions to balance the budget for two years will swell the system’s unfunded liability by more than $2 billion, Treasurer Andrew Sidamon-Eristoff said.
New Jersey faces a deficit of almost $2.7 billion over the next 13 months, the legislature’s budget and finance officer told lawmakers a day after Governor Chris Christie announced pension cuts to balance two budgets.
New Jersey Governor Chris Christie needs revenue to rise 8.2 percent to balance his fiscal 2013 budget to make up for a tax shortfall in the year ended June 30, the legislature’s chief budget officer said.
New Jersey’s revenue collections may trail Governor Chris Christie’s estimates by a combined $537 million this fiscal year and next as taxes on income and casinos fall short, the Legislature’s chief budget analyst said.
New Jersey’s revenue may fall below Governor Chris Christie’s projections by as much as $1.3 billion through June 2013, the Legislature’s chief budget analyst said, prompting the state's chief executive to ask, “Why would anyone with a functioning brain believe this guy?"