TRENTON – Last month, Governor Chris Christie signed into law historic reforms restoring fiscal sanity to New Jersey’s broken pension and benefit systems. New Jersey’s overburdened property taxpayers and local governments in Cape May County will begin receiving direct and immediate relief from the implementation of those reforms this year. They will provide $43 million in pension cost savings statewide across local governments for Fiscal Year 2012 budgets, including $801,107 in savings for local governments in Cape May County. This relief is the first realization of $43 billion in projected local government pension savings over the next 30 years – part of more than $120 billion in total projected savings over the same period.
“Because we prioritized long-term fiscal stability and acted to fix these broken systems, taxpayers and local governments in Cape May County are now seeing immediate savings this year of $801,107 and have the certainty that the cost of public employee benefits will not overwhelm their budgets. Municipalities, counties, school districts and all local governments will now have these savings to fund critical services, keep teachers in the classroom, and provide property tax relief,” Governor Chris Christie said. “By focusing on the big issues facing our state and daring to touch the third rail of politics, we are making huge strides in easing the property tax burden on our people and making our state affordable again. The results for local government and overtaxed families will be immediate and lasting.”
The Governor’s comprehensive set of reforms means critical savings for state and local governments and real property tax relief for New Jerseyans.
– $79 Billion in State Contribution Savings: Over the next 30 years, the state pension contribution will be $148 billion, a projected savings of nearly $80 billion. Without reform, the state was projected to contribute more than $227 billion over the same period.
– $43 Billion in Local Government Contribution Savings: Over the next 30 years, local government pension contributions will be
– $70 billion, a projected savings of nearly $43 billion. Without reform, local governments were projected to contribute $113 billion over the same period.
Beginning this year, New Jersey’s taxpayers will enjoy these substantial savings over the next three decades because of the Governor’s historic campaign to reverse two decades of neglect of the state’s pension funds.
A savings breakdown of Fiscal Year 2012 pension cost savings for each local government in New Jersey – municipalities, counties, school districts and other local government units – can be accessed at the Department of Treasury’s website here: http://www.state.nj.us/treasury/pensions/epbam/exhibits/pdf/2012-pers-comparison-revised-78.pdf
Cape May – Governor Murphy says he doesn't know anything about the drones and doesn't know what they are doing but he does know that they are not dangerous. Does anyone feel better now?
