Tuesday, June 29, 2010

New Jersey Senate, Assembly Approve $29.4 Billion Budget

Link to June 29 Philadelphia Inquirer article.

Excerpt: The New Jersey Assembly passed a $29.8 billion budget early Tuesday morning, following the Senate's approval late Monday, all of which suspends property-tax rebates in 2010, increases no major taxes, and slashes state aid to schools and towns.

The spending plan, approved by a 21-19 vote, was down 8.8 percent from the budget for the fiscal year that ends Wednesday. It was only slightly different from the one proposed by Republican Gov. Christie in March
.

[snip]

Education and municipal aid: Reduces school aid by $819 million, or 7.4 percent, and municipal aid by $446 million, or 23 percent. Reduced support for higher education would result in cuts to colleges and scholarship programs.

Good news for state library funding, though.

$4,299,000.   That's slightly less than 1% of the $446,000,000 cut in municipal aid.  Retiring Guy wonders what percentage of this larger amount will be shaved from local library budgets.

Probably a significant percentage if A2555 passes.

Federal aid is likely to be cut to states.  State aid is being cut to municipalities.  How ugly will it get?

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