Task Force Issues Report On NJ Financial Conditions
By Phil Gregory, WBGO News
Trenton. December 13, 2012
A task force that analyzed New Jersey’s financial condition has come up with some general recommendations but is not offering specific fixes.
The politically independent group says education, Medicaid, underfunded pension systems, and the costs of retiree health benefits will pose challenges for the state.
Former state budget director Richard Keevey is the author of the report. He says it recommends ways of improving the budget process.
“If you set money aside in a rainy day fund that would help. If you make sure that you monitor the payment of pension systems that would be good. If you budgeted federal dollars in a more displayed fashion that would be good.”
The report also suggests the state make multi-year forecasts of future budget needs and develop a strategy to fund critical infrastructure.
It does not make any specific tax or spending recommendations but leaves those decisions up to the governor and the legislature.