Christie to unveil proposed billion 2012-13 state budget Tuesday | Economy | -- Your State. Your News.

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Christie to unveil proposed $30 billion 2012-13 state budget Tuesday

christie103111_optBY TOM HESTER SR.

It is one of the absolute signs of spring in New Jersey, where politics can be considered a professional sport.

Gov. Chris Christie Tuesday will unveil his proposed 2012-12 state budget to a joint session of the Legislature, a fiscal package that is expected to total about $30 billion.

The budget is expected to include the first phase of the governor’s proposed three-year state income tax cut, an action, if it becomes reality, that would cost the state $150 million in tax revenue. However, the Democrats who control the Legislature charge the proposed 10% tax cut is aimed at wealthy New Jerseyans and does not provide financial relief for middle-class or low-income wage earners. They are vowing they will not approve the proposal.

The Democrats also expect Christie to announce a new state school funding formula that would cut aid to the 32 poorest urban school districts while increasing funding for suburban districts.

And with state tax collections running about $300 million behind the amount forecasted, the governor is faced with making a mandatory payment of $500 million to the financially-struggling state-run public employee pension system.

Once the budget is made public, the Senate Budget and Appropriations and the Assembly Budget committees will conduct a total of about 40 public hearings throughout March and April before beginning a legislative budget debate that usually is not settled until late June. The budget must be approved by July 1.

This will be the third budget Christie has proposed. The 2011-12 budget settled at $29.7 billion after the governor cut $900,000 million from the fiscal package the Democratic Legislature sent him. His decision to cut additional school aid, money for women’s health care and school and tax credit increases for low-income residents led Senate President Stephen M. Sweeney to call him a “bastard.”

The governor’s first budget totaled $29.4 billion for the 2009-10 fiscal year.

The budget address is set for 2 p.m. at the Statehouse in Trenton.

Comments (1)
1 Tuesday, 21 February 2012 08:50
John M Flores
Come on Christie, cutting Property Taxes is harder but it's the right thing to do. Do what's right for New Jersey, not what's easier to put on your national resume....

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