Gov. Christie looks to the future at budget signing TRENTON — When the state comes out of the fiscal doldrums, higher education will be the first place Gov. Chris Christie will look to restore funding, he said today. More than any programs or property tax rebates, higher education has the greatest potential for reward, Christie said after he signed his...
TRENTON — When the state comes out of the fiscal doldrums, higher education will be the first place Gov. Chris Christie will look to restore funding, he said today.
More than any programs or property tax rebates, higher education has the greatest potential for reward, Christie said after he signed his first budget, which made major cuts in education and municipal funding without raising broad taxes.
“We have starved our higher education institutions in the state of New Jersey over the last decade, even in good times,” he said. “They can be an engine for increased economic development in the state of New Jersey, and that would certainly be one of the first places I would look if we’re able to restore funding anyplace in the upcoming budget.”
Governors often make mid-year budget changes, either adding money to programs or rebates if the economy is going well and the state collects more in taxes than it expects, or cutting during bad times. The last few years have seen major cuts in areas such as school and municipal funding, savings for employee pensions and fights over furloughs.
Christie warned the state should not expect increases soon.
Gov. Chris Christie speaks at a press conference after signing a $29.4 billion budget into law Tuesday.“I want to caution everybody, we’re still in very difficult times,” he said. “While we see some good indications of some renewed employment growth, it’s still very tough times and very choppy waters, and so I can’t guarantee that we’re going to be in a position to add anything to anything.”
During his campaign, Christie criticized his opponent, then-Gov. Jon Corzine, for cutting back rebates, saying it would be the last thing he did as governor. In his lean budget, which takes effect Thursday, he slashed rebates $848 million, or more than 75 percent of the program. The budget also leaves a very slim end balance of about $300 million, which critics say is not enough for a rainy day fund, and skips a $3.1 billion payment into the state's pension fund.
More coverage:
• Gov. Chris Christie signs $29.4B N.J. budget into law
• N.J. budget 2011: State will skip $3.1 billion pension fund payment
• N.J. budget 2011: Property tax rebates for summer 2010 cut $848.2M
• N.J. colleges expect tuition increases after Christie's budget cuts $173M
• N.J. college presidents protest Gov. Christie's $173M budget cut, tuition cap
| Gov. Christie looks to the future at budget signing |