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
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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