State surplus could be entirely used up in covering shortfall, Rosen tells committee

TRENTON – In summarizing what the state has to do get a balanced budget, OLS Budget Officer David Rosen played along with Assemblyman Gary Schaer’s analogy of the state budget being a household budget.

The state’s surplus account of $588 million could be entirely used up to close the $668 million gap in revenues OLS is projecting by the end of fiscal year 2012.

To avoid this problem, Rosen told Schaer, “You’d need to reduce expenditures or get a second job.”

Schaer responded, “I already have a second job.” The remark yielded laughter.

 

State surplus could be entirely used up in covering shortfall, Rosen tells committee