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New Jersey State of the State Address 2008

This week, in his State of the State address to the new Legislature, Governor Jon Corzine highlighted various achievements from the previous year and goals for the future. Much of his speech focused on the need to overhaul long-troubled state finances, involving financial restructuring and reducing debt by raising capital.

During his address, Governor Corzine outlined four proposals that he believes will fix the state's financial foundation. Those proposals include:

- A freeze on state spending for the FY 2009 budget at this current fiscal year's $33.47 billion level;

- A plan that includes drastically increasing highway tolls over the next 15 years to generate money to help the state pay off state debt and pay for transportation improvements;

- Legislation that would prohibit future state spending from exceeding future certified revenue; and

- An amendment to our state's constitution that would require all future debt without a dedicated source of revenue to be approved by New Jersey voters.

According to the NJAR®, while these these proposals will have a significant impact on the citizens of New Jersey but as of right now, Governor Corzine's proposals do not directly affect the real estate industry.

Governor Corzine's spending priorities for the upcoming year are set to be unveiled during his February 26th budget address to the Legislature.

The entire text, as well as video and background briefing, of his address can be viewed on the governor's website at www.state.nj.us/sos2008/.

Source: NJAR

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