The Chris Christie administration this week indicated that revenue totals this year could exceed projections, and that any surplus revenue will go straight to the state’s pension fund.
From CBS New York:
The government expects about $200 million more in tax revenue for the current fiscal year, Treasurer Andrew Sidamon-Eristoff told the Assembly Budget Committee on Wednesday.
He said the cash will go toward the state’s outstanding pension payment.
“Gov. Christie is committed to making as large a pension payment as possible while we pursue reforms to fix the pension system once and for all,” Sidamon-Eristoff said.
Democrats who control the Legislature said the development was welcome news but pointed out the payment is still short of what is owed.
Last month, Christie slammed Democratic lawmakers for getting involved in the lawsuit over pension payments, saying they were “essentially suing themselves.”
The treasurer is set to testify again about state revenues before lawmakers later this month.
New Jersey is currently making arguments in front of the state Supreme Court. They are appealing a lower court’s ruling that the state needed to pay its full required pension contribution in 2015.
Photo by c_ambler via Flickr CC License