Sarlo & Prieto: Treasurer Must Be Prepared to Detail Plans to Deal with Christie Revenue Shortfall

(TRENTON) – Senate Budget Chairman Paul Sarlo and Assembly Budget Chairman Vincent Prieto on Wednesday sent a letter to the state treasurer advising him they expect him to be prepared to specify how the Christie administration will deal with its budget shortfall.
The treasurer is scheduled to testify before the Assembly Budget Committee on Wednesday, May 23 and the Senate Budget and Appropriations Committee on Thursday, May 24.
Sarlo (D-Bergen) and Prieto (D-Hudson/Bergen) noted tax revenue collections for this fiscal year are off by $230.3 million and the administration has not provided an estimate of what that will mean for the fiscal year starting July 1.
“Given that we are now in the middle of May and there are but a few short weeks left to the end of the fiscal year, it is imperative that we know your plans to deal with this shortfall,” the chairmen wrote in their letter to Treasurer Andrew P. Sidamon-Eristoff.
Sarlo and Prieto advised Sidamon-Eristoff that they are expecting the treasurer to “present a plan to close the current year gap, as well as rebalance the proposed FY 2013 budget to reflect your anticipated revised revenues.”