New Jersey State Budget 2008
Corzine’s 2008 budget calls for a 7.2 increase in spending, from $31.061billion in 2007 to $33.292 billion for 2008.
Corzine estimates state revenue from taxes and fess will generate $31.952 billion in 2008 - $1.34 billion less than his proposed spending for the year. This budget gap is to be financed with $665 million from the non-recurring use of the dedicated FY 2007 half penny from the sales tax increase and a $670 million non-recurring surplus as a result of stronger than anticipated FY 2007 revenues.
Corzine estimates a $2.5 billion budget deficit for 2009 - with state spending of $35.4 billion and revenues of $32.9 billion.