The Department of the Treasury delivered a budget update to the Legislature Friday, providing a detailed revenue report that illustrates the devastating impact COVID-19 has had on New Jersey’s finances and laying out plans to close the looming gap for the remainder of the extended fiscal year through a series of deep cuts and spending deferrals.
Based on a wide variety of economic assumptions, the State of New Jersey is potentially facing a combined revenue shortfall of nearly $10 billion over the remaining months of Fiscal Year 2020 and through the end of Fiscal Year 2021 – a potential decline that would be worse than the Great Recession.
FY 2020 revenues are projected to be $910.9 million, or 5.4%, lower than Governor’s Budget Message (GBM) forecast.
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By TAPINTO STAFF
May 23, 2020