New Jersey could be facing a shortfall of more than $10 billion through the end of the next fiscal year because of the economic fallout from the coronavirus pandemic
, according to new preliminary projections from the state Treasury department.
The projections released Wednesday evening are based on a number of assumptions, including that there will not be a resurgence of coronavirus cases later this year, and do not factor in any of Murphy’s proposed tax increases, including a higher tax rate on millionaire households. But some lawmakers have expressed skepticism toward borrowing. Senate President Steve Sweeney has said he is open to the idea, but wants a shorter borrowing time frame and feels as though the administration has not been forthcoming with information about its finances, a claim that Treasury disputes.
But the governor’s office has not released a breakdown of how it arrived at that figure, and It’s unclear if the projection is just for the state budget or for towns and counties as well.
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