Budget panel focuses on increase of nonrecurring revenues

TRENTON – The chairman of the Senate Budget and Appropriations Committee criticized the state treasurer over Gov. Chris Christie’s plan to increase the amount of nonrecurring revenue in the next fiscal year’s budget.

The governor has proposed a 33 percent increase in nonrecurring revenue in the FY 2013 budget compared with this fiscal year’s budget, according to Sen. Paul Sarlo, (D-36), Wood-Ridge, and Senate Democrats.

Sarlo said the “governor made it clear” to the committee he does not support using nonrecurring revenue to offset existing appropriations.

“Why today then, am I sitting here two years later looking at $1.6 billion in nonrecurring revenue?” Sarlo asked Treasurer Andrew Sidamon-Eristoff, adding, “$1.2 billion to $1.6 billion is (a) $400 million (increase), am I correct?”

The treasurer explained nonrecurring revenue accounted for 6 percent of the budget in FY 2011, 4 percent of the FY 2012 budget and now, under the proposal, 5 percent of the FY 2013 budget.

“This budget is based upon $1.6 billion in one shot,” Sarlo continued. “I just wanted to point that out.”

Earlier story:

Treasurer says governor’s tax cut proposal will help boost N.J.’s competitive position

Budget panel focuses on increase of nonrecurring revenues