The State of New Jersey could contribute $40 million in N.J. Hurricane Sandy relief in addition to the $60 billion federal contribution that New Jersey will share with the Northeast region, according to sources close to Gov. Chris Christie’s proposed budget, which he is due to unveil in less than two hours.
A source said the $40 million may not have to be used at all depending on the federal response, but is in the budget as a contingency.
The $32.9 billion budget contains at least 7.5 percent worth of property tax relief, a source being briefed on the budget told PolitickerNJ.com.
“The governor has managed not to cut anything significant while putting forward $1.6 billion (over three years) to the pension system,” said the GOP source. “It’s notable that the money coming in, while it has been disappointing, will be better than expected, and we might meet the projections despite the economy and Sandy.”
Another source closse to the budget questioned the percentage of property tax relief identified by a colleague’s early review of the budget.
“It depends on what you’re including as property tax relief,” said the second source. “The governor in this budget raises school aid to the highest level in history.”
The budget also calls for a $600 million increase in the pension payment.
