Source: Assembly Republican Press Release -
Assembly Republican Budget Officer Declan O’Scanlon, R- Monmouth, released the following statement today after the budget committee heard overviews and revenue projections from David J. Rosen, Legislative Budget and Finance Officer and State Treasurer Andrew P. Sidamon-Eristoff:
“This is not a kick-the-can-down-the-road budget. This budget, in conjunction with the discussions we know are going on between the governor’s pension commission and the unions to save the pensions, and the discussions between the Governor, the Assembly Speaker and the Senate President about the Transportation Trust fund combine to make this one of the most productive policy periods in New Jersey in decades.
“The Democrats both complain about revenue and complain that we aren’t spending enough. You can’t have it both ways.
“It has taken us six years to get here, but the governor’s hard work has paid off. For the first time in more than 20 years, OLS’ agrees with the governor’s own revenue projections, expecting actually $38 million more. The state’s reliance on borrowing and the use of one-shot revenues to balance the budget have never been lower.
“The use of one-shot revenues has been reduced to only 2.8 percent. Compare this to the 13.2 percent of one-shot revenues used to balance the budget in the last year of the previous administration and you can’t miss the dramatic improvement.
“At the same time, the rate of borrowing for operating expenses during the last six years has averaged below 3 percent. Compare this to the previous eight years when the average increase in debt was an unsustainable 12.5 percent.
“This budget shows what we can do when we concentrate on our priorities and restrain state spending.”