The Assembly Budget Committee reviews the Governor’s proposed budget plan and crafts the Legislature’s appropriations bill, the state’s annual fiscal spending law.
Democratic Research Aide:  Mary Alice Messenger-Gault   
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WISNIEWSKI: MOODY'S 'CREDIT NEGATIVE' VIEW OF 2 PERCENT CAP OMINOUS PORTENT FOR NJ TOWNS

Assemblyman John S. Wisniewski
Municipalities Up for Bond Rating Review could be Negatively Impacted by Cap
Assemblyman John S. Wisniewski (D-Middlesex) issued the following statement Wednesday after it was reported that Westfield, a Union County municipality with a median household income of $146,110 -- more than twice the national average -- had its debt rating reduced by Moody's Investors Service:


"Moody's downgrading of Westfield's bond rating should sound a warning klaxon for every other town in the state.

"Any projected property tax savings towns were expecting under the 2 percent cap will be offset by higher interest rates and borrowing costs from reduced bond ratings..."


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