STATE – New Jersey’s state government will face a shortfall of up to $10.6 billion by 2016, according to a report by the Council of New Jersey Grantmakers. Municipalities face a shortfall of up to $2.75 billion, the state’s 21 counties will be up to $1.1 billion short and school districts will have to make up over $1 billion.
Those figures do not include a $94 billion unfunded liability for public employee pension and healthcare costs.
According to the report, the governor and legislature will be unable to achieve a balanced budget over the next five years without significant government service and employee benefit changes at all levels of government.
The group did not make any specific recommendations to address New Jersey’s financial problems.
The report is available online at the CNJC website.
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