TRENTON – The controversial public worker pension reforms Gov. Chris Christie signed into law last month will allow local governments to save $43 million in Fiscal Year 2012, according to projections released by the governor’s office today.
Local government in Middlesex County will save $3.25 million, while Union County local government will save $2.6 million. Union County itself will save just over half a million dollars, paying $9.98 million instead of $10.5 million in pension obligations. Middlesex County will save approximately $425,000, paying $8.2 million instead of $8.6 million. The Elizabeth Board of Education will save about $333,000 while paying $6.4 million in pension costs.
Most government bodies will see smaller savings. Clark Township will save $19,840 while paying $380,961 in pension costs. South Amboy will save $13,687 will paying $262,812 in pension costs. The Carteret Board of Education will save $27,173 while paying $521,778.
“Municipalities, counties, school districts and all local governments will now have these savings to fund critical services, keep teachers in the classroom, and provide property tax relief,” Christie said. “By focusing on the big issues facing our state and daring to touch the third rail of politics, we are making huge strides in easing the property tax burden on our people and making our state affordable again. The results for local government and overtaxed families will be immediate and lasting.”
A statewide breakdown of the projected savings is posted online at the state’s website.
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