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Essay heading: NJ Budget Crisis
 
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Issue: Social Issues
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Date added: February 28, 2009
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No of pages / words: 4 / 922
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Failing that, the payouts should be capped at some minimal level (e.g., not more than 10 days equivalent). (Nelson, 2006) Once again, this is just a small portion of the steps that need to be taken in reforming the financial system in the state of New Jersey. One of the biggest issues concerning the state of New Jersey's debt, is the use of one-time revenues and "gimmicks" in the budget...
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Some of these "gimmicks" were deferring costs of school aid and property tax relief into the next fiscal year. This is not a solution. The 2006 Budget-in-Brief gives a glimpse of this, Between fiscal 2002 and fiscal 2006 alone, the use of non-recurring revenue and cost deferrals totaled more than $16 billion including, most prominently: ? Delayed pension contributions ($4...
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