Stack Reacts To Revised Revenue Estimates

Senator Brian Stack, D-Hudson

TRENTON – Senator Brian P. Stack, D-Hudson, issued the following statement on today’s 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.

“With respect to the 2008 surplus, it’s important that we use these funds to pay down State debt and restore financial stability. I support the recommendations by the State Treasurer for the Legislature to create a bill that would require the financial windfall be placed into a special fund for the specific purpose of debt reduction.

“I understand that this year the budget process has been difficult. Cuts, especially in municipal aid programs, are expected, but I insist that we take a look at the full impact of any decreases in aid to municipalities before the Legislature approves any budget plan.

“As a State Senator, but also as the Mayor of Union City, I have concerns that projected funding for my district may not be enough to meet the needs of the residents. I hope that municipal aid grants will continue to be awarded to towns. Make no mistake- these grants are not a blank check for towns to spend at will. In past years, towns that were awarded these grants have had strict audits to make sure that the funds provided were spent on pacifistically approved needs.” ###