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MEDIA ADVISORY – Senate Budget Committee To Receive Revised Revenue Estimates Tuesday

Senate Budget and Appropriations Committee Chair, Senator Barbara Buono, D-Middlesex, addresses a participant in the Committee's first public hearing regarding Governor Corzine's propsed FY 2009 Budget.

TRENTON – On Tuesday, May 13, the Senate Budget and Appropriations Committee is scheduled to hear testimony from State Treasurer David Rousseau and the Office of Legislative Services concerning revised revenue estimates for the FY 2008 and FY 2009 State Budgets.

According to Senate Budget Committee Chairwoman Barbara Buono, D-Middlesex, State revenue is mostly comprised of three major taxes – the State income tax, sales tax and corporation business tax. Each Spring, the Budget Committee conducts hearings to review different facets of the Governor’s fiscal year spending plan, and the impact of the budget on individual State departments. The culmination of those review hearings is a revised revenue presentation by the Treasurer and legislative budget analysts in May, based on information provided by tax collections in April.

The Committee’s meeting with Treasurer Rousseau is scheduled for 10:00 AM in Committee Room 4 of the Statehouse Annex. The OLS revenue hearing is scheduled to take place at 1:00 PM in Committee Room 4.

WHO: Senate Budget and Appropriations Committee, State Treasurer David Rousseau, Office of Legislative Services

WHAT: Hearing on revised State revenue estimates

WHEN: 10:00 AM and 1:00 PM, Tuesday, May 13, 2008

WHERE: Committee Room 4, Statehouse Annex, Trenton, NJ