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New Jersey’s Fiscal Cushion Under Fire | Jersey News
New Jersey’s fiscal year started with a seven-point-seven-billion-dollar surplus, a welcome cushion amid shaky economic forecasts and weakening consumer finances. This windfall, from unexpectedly strong tax collections, is being tapped by lawmakers to fund rising spending in the new budget — though critics warn it’s dangerously thin, covering just five weeks of state spending. Governor Sherrill’s push to curb overspending includes trimming senior property tax relief and new business tax policies aimed at closing the budget gap. Yet, with reserves projected to drop to six billion by 2027, some…
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