July 18, 2024 | njspotlightnews.org
Credit: Image by Charles Thompson from Pixabay
The need to maintain robust budget reserves was one of the major lessons for public officials highlighted earlier this year in an independent report that exhaustively scrutinized New Jersey’s response to the COVID-19 pandemic.
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NJ SEED: In 2021, the last gubernatorial election year, the state was literally awash in money. In a few short years the state finds itself needing to take some $2 billion from reserves to balance the FY 2025 budget. To avoid falling off the “fiscal cliff” states retain reserve funds. The national average for FY 2024 was 23% of planned spending. NJ’s projected reserve for FY 2025 is projected to be about 10%. The administration and the legislature have work to do to protect NJ’s long-term fiscal viability.
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