Politico has reported that the NJ Department of the Treasury will be releasing the balance of the $235 million that the Governor placed in reserve when he signed the State budget last June. His decision to hold off on the distribution of those funds, which had been appropriated by the legislation, was based on concerns that the State might not collect needed revenues and/or that savings projected in the budget might not be realized.
Back in October, and thanks to the State hitting revenue collection targets, Treasury released $114 million of $235 million. According to Politico’s sources, the remaining $121 million could be released on Thursday.
The League had objected when vital revenues that had been appropriated for the Transitional Aid Program were included among the reserved funding. We are gratified that full funding will now be available to our most needy towns.
Contact: Jon Moran, Senior Legislative Analyst, firstname.lastname@example.org, 609-695-3481 x121.