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Fiscal Year 2009 Budget Approved by New Jersey Legislature

By Lawrence Yerkes

Real Estate Agent with RE/MAX Preferred

June 27, 2008 03:08 PM

The New Jersey Legislature approved A2800, the Fiscal Year (FY) 2009 state budget on June 23, 2008. The state budget for FY 2009 is $32.8 billion, $600 million less than the FY 2008 state budget. In addition, it includes $650 million to pay down the state's debt and it does not include any increases to real estate related taxes. You can view the bill text of the FY 2009 state budget and a detailed budget analysis. The FY 2009 state budget is currently being reviewed by Governor Corzine.

Source: NJAR

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Lawrence Yerkes

RE/MAX Preferred - Medford Township, NJ

Broker Associate, Southern New Jersey Real Estate Services

Governor Corzine signed A2800, the Fiscal Year (FY) 2009 state budget on June 30, 2008.

In addition, the governor signed A2806, to utilize up to $9 million from the "Shore Protection Fund" to fund state parks and forests as part of the FY 2009 state budget. A2806 initially would have changed the name of the "Shore Protection Fund" to the "Shore and Recreation Resource Protection Fund." Working with Senator Jeff Van Drew (D1), NJAR^® helped to secure measures re-amending the name of the fund back to the "Shore Protection Fund," ensuring that funds can not be diverted again without legislative approval. The amendments also guarantee a minimum of $20 million remain in the fund and if the fund falls below $20 million by June 2009, the state will not be able to enforce the provisions of the realty transfer fee.

SOURCE: NJAR

Jul 05, 2008 09:02 AM

Fiscal Year 2009 Budget Approved by New Jersey Legislature

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