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Oroho Asks What Specific Programs Governor Corzine Plans to Cut to Balance Budget
By John Gorman
It's the perfect time to reopen the budget and pass real reform
Senator Steve Oroho (R-24), a member of the Senate Budget and Appropriations Committee, issued the following statement today urging Governor Corzine to immediately provide specifics about the savings he expects from state departments and agencies to help eliminate a $1.2 billion budget shortfall. A recent bond prospectus indicates that the governor is counting on $625 million from various state departments to balance the budget this year (fiscal 2009) and in fiscal year 2010.
"The Governor's recent statements and the language inserted in a transportation bond prospectus convince me that the state budget needs to be reopened for revisions. The $1.2 billion shortfall is only a rough estimate of revenue loss for this fiscal year. The shortfall will almost assuredly grow as the economic downturn boosts state costs for unemployment compensation and emergency assistance, while job loss and falling business income further reduce tax revenue to the state.
"The Governor's piecemeal solutions are shortsighted at best. On top of this year's $1.2 billion revenue shortfall there is a projected $5 billion deficit for next year. We need long-term reform and we need to begin that long term reform now. The first step is reopening the budget process. The sooner we do this, the more money we will save. This is the perfect time to pass fundamental reforms that will put our state on the road to fiscal integrity that can last far longer than the current economic downturn."
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