Today State Treasurer Liz Muoio issued a report on the fiscal condition of the state budget. The report indicates that the State can expect an up-to $10 billion shortfall between now and June 2021. The data reflects a shortfall of $2.75 billion through the remainder of the current budget year, which has now been extended to September 30. Further, a $7.3 billion shortfall is expected in FY 2021, which will run from October 1 through June 30, 2021.
The League is in the process of reviewing the data and will report back to you, with a particular focus on the impact of municipal property tax relief funding.
Contacts:
• Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.
• Lori Buckelew, Senior Legislative Analyst, lbuckelew@njlm.org, 609-695-3481 x112.
