If the Corzine administration’s budget forecast for the next fiscal year are bleak, projections by the non-partisan Office of Legislative Services are downright dismal.
Legislative Budget and Finance Officer David Rosen, testifying before the Senate Budget and Appropriations Committee Monday morning, said the state is in the “most significant revenue downturn in its modern history.” In dollars and cents, OLS estimates revenues for the fiscal year that begins July 1, 2009 will be down 11 percent from the current fiscal year. To put that in perspective, the state has only dealt with declining revenues from one year to the next twice int he past four decades, in 1975 and in 2002, Rosen said.
The good and bad news is that New Jersey is not alone. At least 35 states project declining revenues in the current fiscal year and 43 states report budget gaps, Rosen said.
State treasurer David Rousseau is scheduled to give a revenue update Monday afternoon.
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