Oroho asks Gov. Corzine to detail

plan to balance next year’s budget 

“A perfect time for real reform” 

            SPARTA (11/20/08) – State Sen. Steve Oroho (R-24), a member of the Senate Budget and Appropriations Committee, today urged Gov. Corzine to immediately provide specifics about the savings he expects from state departments and agencies to help eliminate the estimated $1.2 billion budget shortfall.

       “A recent bond prospectus indicates the governor is counting on $625 million in cuts from various state departments to balance next year’s budget.

      “The Governor’s recent statements and the language inserted in a transportation bond prospectus convince me that the state budget needs to be revised,” he said.

      “The $1.2 billion shortfall is only a rough estimate of revenue loss for this fiscal year. The shortfall will almost assuredly grow as the economic downturn boosts state costs for unemployment compensation and emergency assistance, while job loss and falling business income further reduce tax revenue to the state.

     “The Governor’s piecemeal solutions are shortsighted at best. On top of this year’s revenue shortfall there is a projected $5 billion deficit for next year. We need long-term reform and we need to begin that long term reform now. The first step is re-opening the budget process. The sooner we do this, the more money we will save. This is the perfect time to pass fundamental reforms that will put our state on the road to fiscal integrity that can last far longer than the current economic downturn,” he concluded.