Corzine Trims N.J. Budget as Christie Plans More Cuts
New Jersey Gov. Jon Corzine has whacked more than $800 million from the current state budget less than a month before leaving office, he said Tuesday as his successor announced preparations for steep reductions for the fiscal year ahead.
The $839 million in Corzine's additional cuts include $100 million from eliminating the state's contribution to the employee pension fund, $5 million from cancer research, $2.3 million from charter school aid and $607,000 from a hiring freeze at motor vehicle agencies. The revised budget does allow $20 million in delayed municipal tax relief payments that will be released to cities and towns and an income tax surcharge on the wealthy to end Dec. 31.
The cuts are needed to keep the current budget balanced as tax collections continue to...
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