Governor Christie Delivers Third Balanced Budget Without Raising Taxes, Protects Key Priorities for New Jerseyans
Amends Budget to Restrict Spending to Lower Levels than FY2008 and FY2009 Budgets, Provides Sound $600 Million Surplus
Trenton, NJ – For the third year in a row, Governor Chris Christie today signed into law a constitutionally balanced budget that delivers on key priorities for the people of New Jersey without raising taxes. The Governor’s Fiscal Year 2013 Budget as enacted spends $31.7 billion, which is lower than the Governor’s originally proposed budget as delivered in February 2012 and lower than the budget passed by the Legislature. This year’s budget continues the return to fiscal discipline and controlled spending, while focusing on funding critical priorities that speak to the needs of all New Jerseyans. The Fiscal Year 2013 Budget is smaller than both fiscal years 2008 and 2009, while still increasing aid to schools to the highest level of state spending on K-12 education in the state’s history.
Governor Christie said, “The budget the Legislature sent me violated two core priorities of this Administration – it denied tax relief to our hard working, middle-class families while proposing an $800 million tax increase and rejected fiscal responsibility by including millions in new spending that threatened to undo the hard won progress of the last two years. I am unwilling to surrender the gains we have made to establish fiscal responsibility in the state budget by raising taxes on our people at a time when they need and deserve tax relief. The budget I am signing today reverses irresponsible funding decisions, establishes funding levels based on realistic and responsible revenue assumptions, and increases our surplus to a healthy level that paves the way for continued economic growth.”
“The revised budget I signed today would continue to fuel the New Jersey Comeback if it included immediate tax cuts for New Jerseyans. After two hard years of shared sacrifice we’re no longer on the brink of fiscal catastrophe. Because of the tough and difficult choices we’ve made, this year’s budget allows us to make an unprecedented commitment to education, make one of the largest pension payments in our state’s history and fund critical programs that protect our most vulnerable,” said Governor Christie.
Governor Christie put Corzine Democrats on their heels by vetoing $361 million in unnecessary or unsupported spending that threatened to reverse the renewed fiscal health, economic growth and investment of the last two years. In addition to piling on new spending in the budget, Corzine Democrats tried to circumvent the tough choices required to meet a balanced budget by passing additional spending bills outside of the process. As Governor Christie has repeatedly said, spending needs to be accounted for as part of a comprehensive budget plan.
“This spending as usual is just more of the same mentality that plagued the eight years before I became Governor when there was reckless spending and a cycle of raising taxes and fees every 25 days. We cannot go back to the old way of doing things which got us into a fiscal mess in the first place. Corzine Democrats need to realize that they cannot add millions of dollars in spending outside of the budget when every homeowner, student or family faced with financial choices is spending within their budget,” said Governor Christie.
As a result of Governor Christie’s actions, the budget signed into law today maintains a sound, responsible surplus of over $600 million – more than double the Fiscal Year 2013 projected ending fund balance from the Governor’s originally proposed budget and exceeds the levels in the budget as passed by the Legislature. This sound surplus and the fact that the Administration aggressively manages government throughout the year is a signal that the state’s fiscal health is on strong footing.admin | Filed under: Chris Christie, New Jersey State Budget, Press Release | Tags: Chris Christie, Governor Chris Christie, Press Release, State Budget | 3 Comments »