TRENTON – Treasurer Andrew Sidamon-Eristoff told Assembly lawmakers Tuesday he expects $165 million in affordable housing funds to revert to the state from municipalities.
In addition, he advised Budget Committee members that the Attorney General on Monday filed an appeal to a recent court decision that put a temporary halt to the process.
The Treasurer told lawmakers that the exact amount is not certain, because data coming in from towns is not complete, but the state expects approximately $165 million, and it could even be more because since that figure was announced more monies have come into play and may possibly be subjecting to reverting to state control.
“It’s an ongoing dynamic,” he said.
Office of Legislative Services chief budget officer David Rosen projected a $937 million shortfall through the next fiscal year on Monday. Rosen said $348 million of the shortfall is directly tied to the loss in energy tax revenues.
Later on Monday, Sidamon-Eristoff had told Senate lawmakers that fiscal year 2013 figures would fall $132 million below expectations, and that the state would cut spending in order to make up the difference.
Then on Tuesday morning, Rosen issued revised figures to Assembly lawmakers, projecting a shortfall through next fiscal year of more than $700 million.
Rosen said OLS adjusted its figurers upward by $270 million based on changes made Monday by Treasury.