Fiscal 2008 BUDGET
Fiscal 2008BUDGETJon S. Corzine, GovernorBradley I. AbelowState TreasurerCharlene M. HolzbaurDirectorRobert L. PedenDeputy DirectorGary J. BruneAssociate DirectorJacki L. StevensAssistant DirectorOffice of Management and BudgetFebruary 22, 2007This document is available via the Internet at http://www.state.nj.us/treasury/omb
FY 2008 BUDGETSTATE OF NEW JERSEYKey HighlightsFY 2008 BudgetA no tax increase budget that dedicates 50 cents of every budget dollar, or 16.6 billion, for property tax relief.A 1.84 billion increase in relief to overburdened property taxpayers.Increases in property tax relief represent more than 80 percent of the totalincrease in spending.Increased aid for education for every single school district.Tax cuts to help our working families get ahead and help our businesses growand prosper.Immediate and long-term cost savings for pensions, benefits and other largeoperational costs.New investments to improve public health and safety and grow the economy.1
FY 2008 BUDGETSTATE OF NEW JERSEYThe FY 2008 Budget(In Millions)FY2007AdjustedApprop.Opening Surplus 1,779RevenuesIncomeBaseEITC otal Revenues 102,342(13.6)8,2238,094387(1.6) 31,9523.730,823LapsesFY2008Budget400Total Resources 33,002 33,8932.7AppropriationsOriginalSupplemental 30,819242 33,2928.0Total Appropriations 31,061 33,2927.2Fund Balance 1,941 6012
FY 2008 BUDGETSTATE OF NEW JERSEYFY 2007 Revenues(In enues 11,475 11,465Sales8,484CorporateOther*IncomeTotalChange 370.5 30,624 30,8231990.6 * All Sales Tax and Corporation Business Tax on Energy are included in Other.3
FY 2008 BUDGETSTATE OF NEW JERSEYFY 2008 Revenues(In esSalesBaseInitiativesFY2008BudgetChange % 886######353(6,520)-7.7##### 11,465 9,055 ,906)8083.1(19.9) 30,823 31,952Total4.2##### 1,129* All Sales Tax and Corporation Business Tax on Energy are included in Other.43.7
FY 2008 BUDGETSTATE OF NEW JERSEYSALES TAX(In Billions) 10.08.484 9.0 8.0 4058.4258.7786.766 6.0 5.0 4.0 3.0 2.0 1.0 0.0FY2006CAFRFY2007 had a change in tax policy.- increase in sales tax rate from 6% to 7%- broadened sales tax baseSales tax excludes the tax on energyCAFR – Comprehensive Annual Financial Report5FY2007AppropActFY2007RevisedFY2008Estimate
FY 2008 BUDGETSTATE OF NEW JERSEYGROSS INCOME TAX(In Billions)12.351 13.0 12.011.47511.465FY2007Approp ActFY 2007Revised10.507 11.09.538 10.0 9.0 8.06.7357.401 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0FY2003CAFRFY2004CAFRFY2005CAFR*FY2006CAFR*These revenues include changes in tax policy.FY 2005 – Tax rate increase on incomes of 500,000 or greaterFY 2008 – EITC Expansion ( 64 million)CAFR – Comprehensive Annual Financial Report6FY2008Estimate*
FY 2008 BUDGETSTATE OF NEW JERSEYExpanding the Earned Income Tax Credit 64 Million in Relief to Low Income Families-- Raising the income threshold to match federal income eligibility.-- Almost 300,000 workers will be newly eligible; mostly hard working families withchildren.-- The maximum increase for a family of four would be 907.-- Future years will continue to increase the benefit to greater percentages of the federalbenefit.-- The Earned Income Tax Credit will help ensure low-income workers a better chance atself sufficiency.7
FY 2008 BUDGETSTATE OF NEW JERSEYCORPORATION BUSINESS TAX(In Billions) 2005CAFR 2.52.3422.479 2.0 1.5 1.0 0.5 0.0FY2006CAFRFY2007Approp ActCorporation business tax excludes the tax on energyCAFR – Comprehensive Annual Financial Report8FY2007RevisedFY2008Estimate
FY 2008 BUDGETSTATE OF NEW JERSEYDiversions from Dedicated Funds Down byMore Than 80% Compared to theAverage of Last 5 Years(In Billions) 3.5 3.0 3.3 2.9 2.6 2.5 1.8 2.0 1.5 1.0 0.5 0.2 0.3FY 2007FY 2008 0.0FY 2003 FY 2004FY 2005 FY 2006Note: Excludes 80 million of one-time revenues for capital improvement projects in FY07.9
FY 2008 BUDGETSTATE OF NEW JERSEYDiversions from Dedicated Funds Down by More Than 80%Compared to the Average of Last 5 Years(In Millions)FY 2003Tobacco SecuritizationNew Revenue SecuritizationUnemployment Insurance FundMillionaire's Tax - Retroactive ImpactFederal StimulusPAAD WaiverCBT Accelerated PaymentsCar Registration Acceleration **Unclaimed PropertyState Disability FundSecurities Enforcement CollectionsReal Estate GuaranteeNJ Redevelopment AuthorityHotel Revenue State ShareEconomic Development AuthorityToll Road Revenue TTFCatastrophic Illness in Children Relief FundDrug Enforcement Demand ReductionEducational Facilities AuthorityFederal TANF BalancesVOI/TIS Federal FundsCash Management FundFree Public SchoolsMeadowlands CommissionSanitary Landfill ContingencySecond Injury FundSurplus LinesUMDNJ Self Insurance FundUEZ BalancesMutual Workers' Compensation FundPetroleum Surcharge FundPAAD / ADDP Rebate ReceivablePAAD Medicare D AdministrationBond RefinancingBenefit Enhancement Fund / PensionsAsset SalesHuman Services-RevenuesTobacco Settlement FundNew Home Warranty Security FundPhase-out of Casino CompsPublic Records Preservation FundG.O. / Bldg. Authority Refinance SavingsHealth Benefits / Rx Fund BalanceHealth Care Subsidy FundMarket Transition FacilitySupplemental Workforce FundCigarette Tax Revenue (Non-Pledged)Cigarette and MVC RevenuesTobacco Settlement Debt RestructuringWorkforce Development Fund***Fund Shifts (various)Total, Dedicated fund DiversionsGeneral Fund Surplus *Deferred Sales Tax RevenueGrand Total ,299FY 2004 1,61232543314830101925302243861361262,8832,883FY 2005 Comparing Approp Act to Approp Act* Excluding Property Tax Reserve Fund, FY2007 Approp Act** Impact from 4 year vehicle registration*** Originally projected as a one-time revenue in FY2007, sustained in BudgetFY2007FY 2006 350222212555651503852004102043526660 243 1,845441,889 22501509460277223500GovBudgetFY2008Approp ActFY 2007 22501941320442447941,038 675275121164351203016726681,641
FY 2008 BUDGETSTATE OF NEW JERSEYWhere Does the Money Go – State Aid andGrants Represent 74% of Budget(In Billions)OperationsLegislature andJudiciaryCapital and 0.6Debt Service2% 2.36%EmployeeBenefits, SalaryIncreases, Rentand Utilities 2.27%State Aid 12.839%Grants-In-Aid 11.735%OperationsExecutive 3.611%74 cents of every dollar goes to Property Tax Relief and Grants in AidState Aid: includes Education Aid programs, Municipal Aid, Property Tax Relief programs, General Assistance,and Aid to County Colleges.Grant-In-Aid: includes Property Tax Relief programs, Medicaid, Pharmaceutical Assistance for the Aged andDisabled, Nursing Home and long-term care alternative programs, and support for Higher Education.Operations Executive: includes funding for adult prisons and juvenile facilities, State Police and other LawEnforcement programs, Human Services institutions, Veterans Homes, and the new Children and Families and thePublic Advocate Departments.11
FY 2008 BUDGETSTATE OF NEW JERSEYProperty Tax Relief and Mandatory GrowthGreater Than Overall Growth(In Millions)Property Tax ReliefNew Credit / Rebate ProgramHomeownersTenantsExisting Direct Relief ProgramsSenior and Disabled Property Tax Freeze 1,847.61,068.7125.026.5School Formula AidOther School AidTeacher Pension, Social Security and Post Retirement MedicalSchool Construction Debt ServiceMunicipal Aid (1)County Colleges and Psychiatric Hospitals309.823.453.6192.220.028.4Salary Increase State/Higher Education EmployeesMedicaid/General Assistance Health CareChild Welfare ReformEmployer Taxes (2)Employees Pension (2)Employees Active and Retirees Health Benefits (2)TANF Work Activities and Case ManagementCorrectional ProgramsGeneral Obligation and Other Debt ServiceTuition Aid Grants and NJ STARS I IIReplace Federal RevenueEarly Childhood InterventionStatewide Education AssessmentEnhanced Mental Health StaffingTransportation for the 9.05.04.53.52.0 (1) one time 80m for Special Municipal Aid netted out of base for FY07 - was FY06 cost(2) State, Higher Education, County Colleges and Municipalities122,581.5
FY 2008 BUDGETSTATE OF NEW JERSEYFunding forProperty Tax Relief(In Millions)FY2007AdjustedApprop.ProgramsSchool Aid Municipal AidOther Local AidDirect Taxpayer ReliefTotal Direct Aid 1310,297.7FY2008Budget 10,876.8 Change 11,244.214,741.7 16,604.3 1,862.6
FY 2008 BUDGETSTATE OF NEW JERSEYDirect Property Tax Relief(In Millions)FY2007AdjustedApprop.Homestead Property Tax Credits/Rebates for Homeowners 931.3FY2008Budget 2,000.0 Change 1,068.7Homestead Rebates for Tenants126.0251.0125.0Senior/Disabled Citizens PropertyTax Freeze126.5153.026.5Property Tax Deduction Act432.0456.024.0Municipal Reimbursement Veterans' Tax Deductions76.476.4-Municipal Reimbursement - Senior/DisabledCitizens' Tax Deductions22.722.7-Total Direct Property Tax Relief 141,714.9 2,959.1 1,244.2
FY 2008 BUDGETSTATE OF NEW JERSEYSchool Aid(In Millions)FY2007AdjustedApprop.Formula/Supplemental Programs FY2008Budget7,132.9 Change7,349.8 216.9Abbott Preschool Expansion243.2246.3Nonpublic School Aid101.6104.73.166.866.8Targeted At-Risk Aid-3.1Full-Day Kindergarten Supplemental Aid-26.226.2Preschool Quality Enhancement Grants-10.010.0138.92.7Other AidTotal Direct School AidTeachers' Pension and Annuity Fund136.2 7,613.9 7,942.7 693.9 692.3 Post Retirement MedicalDebt Service on Pension Obligation BondsTeachers' Social SecurityTotal Direct State Payments for EducationSchool Construction and Renovation Fund Debt Service Aid(1.6)721.4751.129.795.1103.58.4691.8 328.8717.22,202.2 364.8 116.825.42,264.1 61.9557.0 192.2113.0(3.8)Total School Building Aid 481.6 670.0 188.4Total School Aid 10,297.7 10,876.8 579.115
FY 2008 BUDGETSTATE OF NEW JERSEYMunicipal Aid(In Millions)FY2007AdjustedApprop.Consolidated Municipal Property Tax ReliefAid (CMPTRA) Energy Tax Receipts Property Tax Relief Aid835.4FY2008Budget Change835.4 -788.5788.5-Special Municipal Aid94.7132.037.3Legislative Initiative Municipal Block Grant Program34.834.8-2008 Municipal Property Tax Assistance-32.632.6Municipal Homeland Security Assistance32.032.0-Extraordinary Aid43.025.0(18.0)4.219.215.0Trenton Capitol City Aid16.516.5-Highlands Protection Fund Aid12.012.0-Regional Efficiency Aid Program (REAP)11.0-(11.0)9.59.5-35.9-(35.9)Consolidation Fund / SHAREOpen Space - Payment In Lieu ofTaxes (PILOT)Municipal Assistance - Legislative EarmarksTotal Direct Municipal Aid 1,917.516 1,937.5 20.0
FY 2008 BUDGETSTATE OF NEW JERSEYHigher Education(In Millions)FY2007AdjustedApprop.ChangeFY2008Budget %Colleges and UniversitiesSenior Public Colleges and UniversitiesCounty CollegesIndependent Colleges and Universities 1,468.5217.519.5Student Financial Assistance 1,490.8232.020.4 22.314.50.91.56.74.4250.2268.318.17.2Educational Opportunity Fund40.640.6--Facility and Capital Improvement Programs98.593.4(5.1)(5.2)Other Programs18.316.9(1.4)(7.6)49.32.3Total Higher Education 2,113.117 2,162.4
FY 2008 BUDGETSTATE OF NEW JERSEYHigher Education(In Millions)FY2007AdjustedApprop.Senior Public InstitutionsRutgers UniversityUMDNJNJITThomas Edison State CollegeRowan UniversityNew Jersey City UniversityKean UniversityWilliam Paterson UniversityMontclair State UniversityCollege of New JerseyRamapo College of New JerseyRichard Stockton College of New JerseySubtotal Senior Publics Direct AidSenior Publics Salary FundingSenior Publics Net Fringe BenefitsTotal Senior PublicsCounty CollegesOperating SupportFringe BenefitsChapter 12 Debt ServiceTotal County CollegesTotal Independent Colleges and UniversitiesStudent Financial AssistanceTuition Aid Grants (TAG)Part-time TAG for County CollegesNJSTARS I & IIEOF Grants and ScholarshipsLoan Forgiveness for Mental Health WorkersOther Student Aid ProgramsTotal Student Financial AssistanceOther ProgramsCapital Grants and Facilities SupportNew Jersey Stem Cell Research InstituteAll Other ProgramsTotal Other ProgramsGrand Total Higher Education 54.0614.51,468.5 FY2008Budget 89.711.0590.11,490.8 Change 6.014.519.520.40.9 214.74.98.040.63.519.0290.8 230.25.513.840.63.515.2308.9 15.50.65.8(3.8)18.1 98.55.512.8116.8 93.45.511.4110.3 (5.1)(1.4)(6.5) 2,113.1 2,162.4 49.318
FY 2008 BUDGETSTATE OF NEW JERSEYFiscal Year 2008(In Billions)Discretionary 2.88%Employee Benefits 1.65%Constitutional 1.44%Employer Taxes/DebtService 1.34%Property Tax Relief 3.912%Higher Education 2.16%Prisons/State Police/Judiciary 2.16%Other Health/Welfare 3.511%School Aid 10.933%Medicaid 3.711%Total Spending 33.3 Billion19
FY 2008 BUDGETSTATE OF NEW JERSEYTotal Direct State ServicesBy Department(In iationChief ExecutiveAgricultureBanking and InsuranceCommunity AffairsCorrectionsEducationEnvironmental ProtectionHealth & Senior ServicesHuman Services-OtherCentral OfficeDevelopmental DisabilitiesMedical AssistanceMental HealthLaborLaw & Public SafetyState PoliceDivision of LawJuvenile Justice CommissionMilitary & Veterans' AffairsPersonnelPublic AdvocateStatePublic BroadcastingState LibraryTransportationTreasuryMiscellaneous CommissionsTotal Executive Branch LegislatureJudiciary Subtotal Operations-BaseChildren and FamiliesTotal Operating DepartmentsInterdepartmentalOtherPension, Health Benefits & PRMEmployer TaxesInsurance, Utilities, and OtherSalary ProgramSubtotal 013,2135,6044,57086,448408,7761,4073,171,162 5,7594,50999,204479,9101,4083,320,978 75,080597,3983,812,363 272,646 4,085,009 FY2008Recommendation 70,6421,240,387340,337325,617107,8602,084,843 6%-1.0% 74,638594,398 (442)(3,000)-0.6%-0.5%3,993,456 3,957,561 (35,895)-0.9%293,103 309,450 16,3474,267,011 46,4071,306,687344,937351,6172,049,648 23,4431,391,877386,146347,916212,8452,362,227 6,336,207 7597,50988,712458,4551,4443,288,5254,286,559 Change 5312,579-49.5%6.5%11.9%-1.1%15.3%293,0314.6%
FY 2008 BUDGETSTATE OF NEW JERSEYOperations Budgets(In Millions)Judiciary andLegislature 66916%Other 95322%Taxation, Revenueand Budget 1504%Children and Families 3097%EnvironmentalPrograms 2335%Public Safety 1,34131%Veterans Homes 662%JJC Institutions 992%Health 732%DHS Institutions 3749%Total Operating Budget is 4.3 billion21
FY 2008 BUDGETSTATE OF NEW JERSEYEmployee Benefit Costs(In Millions) 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0FY02 FY03 FY04 FY05 FY06 FY07 FY08Health Benefits/PRMPensions/Debt Service22Employer Taxes
FY 2008 BUDGETSTATE OF NEW JERSEYOperating Split between Salaries and Other Costs(In Millions)Special Purpose 557.213%Additions,Improvements andEquipment 31.41%Maintenance andFixed Charges 95.02%Services Other ThanPersonal 441.210%Materials andSupplies 182.84%Salaries and Wages 2,959.570%Total Operating Budget is 4.3 billion23
FY 2008 BUDGETSTATE OF NEW JERSEYProjected Shortfall Continues Into FY 2009(In Millions)OPENING FUND BALANCESales Tax DedicationOtherREVENUESIncomeSalesCorporateOtherFY 2008 Revenue SolutionsTotalRECOMMENDATIONS/PROJECTIONSEmployee Benefits (other than pensions)Pensions 60%Aid to EducationMedicaidOne-Time BalancesSalary IncreasesHomestead Credits/RebatesDebt ServiceAnnualized Community ProgramsFUND BALANCESales Tax DedicationOther --------DIFF------- %FY2009FY20086681,273 12,3518,7782,3428,09438731,952 33,292 601(668)(672)-52.79% 13,5009,0002,2008,20032,9001,149222(142)106(387) 9489.3%2.5%-6.1%1.3%3.0% 35,404 2,1126.3% (1,903) 4453403303203001601205740 601Required Ending Fund Balance with Required Ending 24601(2,504)
FY 2008 BUDGETSTATE OF NEW JERSEYTABLE ISUMMARY OF FISCAL YEAR 2007--08 APPROPRIATION RECOMMENDATIONS(thousands of dollars)Table I shows the appropriations from all State sources by Fund. It highlights the percent change in appropriations between fiscal -------- Change -----------------DollarPercentGENERAL FUND AND PROPERTY TAX RELIEF FUNDState Aid and 2--3,000312,579Total State Operations6,261,2056,554,236293,031Capital ConstructionDebt 30,527,31032,764,594State OperationsExecutive BranchLegislatureJudiciaryInterdepartmentalTOTAL GENERAL FUND ANDPROPERTY TAX RELIEF FUNDCASINO CONTROL FUNDCASINO REVENUE FUND74,039459,029GRAND TOTAL STATE -------------5,9262,231,3588.5--1.3%7.2TABLE IISUMMARY OF FISCAL YEAR 2007--08 APPROPRIATION RECOMMENDATIONS(thousands of dollars)Table II shows comprehensive prior year financial data, current year appropriations, and budget year recommendations by fund and major spendingcategory.Orig. &(S)Supple--mentalYear Ending June 30, 2006Transfers &(E)Emer-Reapp. 323General FundDirect State ServicesGrants--in--AidState AidCapital ConstructionDebt 0- ,120,0811,687,2201,245,659440,398Total General Fund19,100,613 19,204,84019,047,594Property Tax Relief FundCasino Control FundCasino Revenue FundGubernatorial Elections Fund11,426,697 717,00074,039453,103------31,060,378 33,448,98233,291,736GRAND TOTAL 238,779427,785Year EndingJune 30, 2008
FY 2008 BUDGETSTATE OF NEW JERSEYTABLE IIISUMMARY OF APPROPRIATIONS BY ORGANIZATION(thousands of dollars)Orig. &(S)Supple--mentalYear Ending June 30, 2006Transfers &(E)Emer-Reapp. &Total(R)Recpts.genciesAvailable 21830,87814,400DIRECT STATE SERVICESLegislative BranchSenateGeneral AssemblyLegislative Support ServicesLegislative Commission74,17316,3372,04892,55875,287Total Legislative 97,47995,
Veterans' Tax Deductions Municipal Reimbursement - Senior/Disabled 22.7 22.7 - Citizens' Tax Deductions Total Direct Property Tax Relief 1,714.9 2,959.1 1,244.2 Direct Property Tax Relief (In Millions) STA
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