State of New Jersey Fiscal Year 2002 Appropriations Act STATE OF - - PDF document

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STATE OF NEW JERSEY FY 2002 APPROPRIATIONS State of New Jersey Fiscal Year 2002 Appropriations Act STATE OF NEW JERSEY FY 2002 APPROPRIATIONS Economic Growth Stays Strong (1990 - 2002) NEW JERSEY EMPLOYMENT GROWTH OF INCOME OVER $100,000

SLIDE 1

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Appropriations Act

State of New Jersey

Fiscal Year 2002

SLIDE 2

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

$150 $200 $250 $300 $350 $400 90 91 92 93 94 95 96 97 98 99 00 01 02 Calendar Year 3.0 3.2 3.4 3.6 3.8 4.0 4.2 90 91 92 93 94 95 96 97 98 99 00 01 02 Calendar Year

In Millions

NEW JERSEY EMPLOYMENT 1990 - 2002 NEW JERSEY GROSS STATE PRODUCT 1990 - 2002

In Billions 300 350 400 450 500 550 600 650 90 91 92 93 94 95 96 97 98 99 00 01 02 Calendar Year

NEW VEHICLE REGISTRATIONS 1990 - 2002

In Thousands

Economic Growth Stays Strong

(1990 - 2002)

0.0 25.0 50.0 75.0 100.0 125.0 150.0 175.0 94 95 96 97 98 99 00 01 02

Calendar Year

$ In Billions

GROWTH OF INCOME OVER $100,000 1994 – 2002

SLIDE 3

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

The Fiscal 2002 Appropriations Act

Proposed Spending is Reduced by $232 Million & a Record Surplus is Provided

FY 2001 Adjusted Approp. FY 2002 Budget Message FY 2002

Approp. Bill

% Change to Adjusted Approp. Opening Surplus 1,285 $ 1,279 $ 1,068 $ (16.9)% Revenues Income 7,970 8,916 8,545 7.2% Sales 5,779 6,247 6,137 6.2% Corporate 1,335 1,513 1,823 36.6% Other 5,877 6,198 6,367 8.3% Total Revenues 20,961 $ 22,874 $ 22,872 $ 9.1% Lapses 619

Total Resources

22,865 $ 24,153 $ 23,940 $ 4.7% Appropriations Original 21,431 $ 23,153 $ 22,921 $ 7.0% Supplemental 366

Total Appropriations

21,797 $ 23,153 $ 22,921 $ 5.2% Fund Balance 1,068 $ 1,000 $ 1,019 $

(In Millions)

SLIDE 4

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Acting Governor Donald T. DiFrancesco’s Priorities Promises Made, Promises Kept

FY 2002

Approp. Bill

Property Tax Relief Increase Homestead Rebate to $750 118.0 $ Increase Tenants' Rebate to $100 26.0 $ Accelerate NJSaver to Average of $500 150.0 $ Subtotal 294.0 $ Health Care Senior Gold 50.0 $ Increase Medicaid Hospital Rates + Charity Care 55.0 $ Expand Family Care 25.1 $ Medicaid Physician Fee Increase 35.0 $ Spousal Impoverishment 24.4 $ ER Physician Payments 5.0 $ Newborn Screening 3.1 $ Managed Care Oversight + Consumer Awareness 1.4 $ Expansion of Minority Health Services 1.5 $ Subtotal 200.5 $ Kidsneeds 13.0 $ DYFS Staffing 12.0 $ Protecting New Jersey's Drinking Water 21.0 $ Education - School Aid Hold Harmless 11.4 $ Total 551.9 $

(In Millions)

SLIDE 5

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Direct Property Tax Relief Grows by 42.7%

(In Millions)

FY 2001 Adjusted FY 2002 Approp.

Approp. Bill

$ Change % Change NJ Saver 336.7 $ 607.4 $ 270.7 $ 80.4% Homestead Rebates 335.1 482.6 147.5 44.0% Veterans & Senior/Disabled Citizens Property Tax Deduction 77.3 92.0 14.7 19.0% Property Tax Deduction Act 301.0 316.0 15.0 5.0% Total Direct Property Tax Relief 1,050.1 $ 1,498.0 $ 447.9 $ 42.7%

SLIDE 6

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Record Funding for Property Tax Relief

(In Millions)

FY 2001 FY2002 Adjusted Budget FY 2002 Programs Approp. Message

Approp. Bill

$ % School Aid $ 6,837.1 $ 7,451.3 $ 7,441.1 $ 604.0 8.8% Municipal Aid 1,667.7 1,741.8 1,723.5 55.8 3.3% Other Local Aid 593.7 593.3 622.6 28.9 4.9% Direct Property Tax Relief 1,050.1 1,358.5 1,498.0 447.9 42.7% Subtotal Direct Aid $10,148.6 $11,144.9 $ 11,285.2 $1,136.6 11.2% Police and Firemens' Retirement Local Savings 150.0 247.8 247.8 97.8 65.2% Pension Security Program Savings 48.7 48.7 48.7

Grand Totals

$10,347.3 $11,441.4 $ 11,581.7 $1,234.4 11.9% Change

SLIDE 7

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

FY 2001 FY 2002 Adjusted Budget FY 2002 Approp. Message

Approp. Bill

$ % State-Aid 8,492 $ 9,151 $ 9,148 $ 656 $ 7.7% Grants-in-Aid 6,769 7,396 7,464 695 10.3% Operations 4,821 4,900 4,751 (70) (1.5)% Capital 1,185 1,177 1,064 (121) (10.2)% Debt Service 530 529 494 (36) (6.8)% Grand Total -- State 21,797 $ 23,153 $ 22,921 $ 1,124 $ 5.2% Change

State Aid & Services are Increased by $1,351 Million

SLIDE 8

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS (In Millions)

Record School Aid Meets Local Needs

FY 2001 Adjusted Approp. FY 2002 Budget Message FY 2002

Approp. Bill

Change from FY 2001 CEIFA/Supplemental Programs 5,735.8 $ 6,193.0 $ 6,191.6 $ 455.8 $ Other Aid 178.9 172.3 161.8 (17.1) Total Direct School Aid 5,914.7 $ 6,365.3 $ 6,353.4 $ 438.7 $ Post Retirement Medical, Debt Service and Social Security 792.5 904.0 905.7 113.2 School Construction and Renovation 129.9 182.0 182.0 52.1 Total School Aid 6,837.1 $ 7,451.3 $ 7,441.1 $ 604.0 $ Local Pension Security Program Savings 10.6 10.6 10.6

Total School Aid and

Related Items 6,847.7 $ 7,461.9 $ 7,451.7 $ 604.0 $

SLIDE 9

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Municipal Aid is Increased

(In Millions)

FY 2001 Adjusted FY 2002 Approp.

Approp. Bill

$ Change Consolidated Municipal Property Tax Relief Aid (CMPTRA) 787.8 $ 818.5 $ 30.7 $ Energy Receipts Property Tax Relief Aid 750.0 755.0 5.0 Special Municipal Aid

38.7

38.7 Regional Efficiency Aid Program 16.8 20.0 3.2 Regional Efficiency Dev. Incentive Program 10.0 5.0 (5.0) Legislative Initiative Block Grant Program 33.8 33.8

Extraordinary Aid

25.0 25.0

Watershed Moratorium Offset Aid

3.3 3.4 0.1 Open Space - Payment In Lieu of Taxes (PILOT) 7.1 7.4 0.3 Business Personal Property Tax Depreciation 33.9 16.7 (17.2) Subtotal Direct Municipal Aid 1,667.7 $ 1,723.5 $ 55.8 $ Local Pension Security Program Savings 12.8 12.8

Total Municipal Aid and Budget

Savings 1,680.5 $ 1,736.3 $ 55.8 $

SLIDE 10

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

Higher Education Commitment Grows by Over $108 Million

(In Millions)

FY 2001 Adjusted FY 2002 Approp.

Approp. Bill

$ Change COLLEGES AND UNIVERSITIES Senior Public Colleges and Universities 1,157.2 $ 1,239.2 $ 82.0 $ County Colleges 191.1 203.8 12.7 Independent Colleges and Universities 26.2 24.5 (1.7) STUDENT FINANCIAL ASSISTANCE 216.6 222.9 6.3 HIGH-TECH INITIATIVES Excellence in High Technology Workforce 15.0 15.0

Biomedical and Other Technology Research

10.0 5.0 (5.0) Bioengineering and Genetics Building

2.0 TEACHER QUALITY Teacher Preparation

10.0

10.0 OTHER PROGRAMS 92.8 95.0 2.2 Grand Total 1,708.9 $ 1,817.4 $ 108.5 $

SLIDE 11

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS (In Millions)

Tax Reform & Economic Growth Provides $1.9 Billion in New Revenues

FY 2001 FY 2002 FY 2002 Adjusted Budget Approp. Revenues Message Bill Sales 5,779 $ 6,247 $ 6,137 $ Corporate 1,335 1,513 1,823 Income 7,970 8,916 8,545 Other 5,877 6,198 6,368 Total 20,961 $ 22,874 $ 22,873 $

SLIDE 12

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

556 306 352 437 620 694 1,586 875

157

$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800

FY1994 FY1995 FY1996 FY1997 FY1998 FY1999 FY2000 FY2001 FY2002

The Structural Deficit Declines

(In Millions) The structural deficit is the total of one-shot revenues and one-shot spending reductions plus the drawdown of prior year balances. Based upon projections at enactment of Appropriations Act for that fiscal year.

SLIDE 13

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

156 154 246 263 328 501 608 698 720 255 296 304 287 222 199 175 299 172

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 $1,100 $1,200

1994 1995 1996 1997 1998 1999 2000 2001 2002

Rainy Day Fund Fund Balance

Total Fund Balance at Record High

Fund Balances projected at Appropriation Act.

(In Millions)

450 550 550 550 700 783 870 1,019 411

SLIDE 14

STATE OF NEW JERSEY FY 2002 APPROPRIATIONS

411 450 500 550 550 700 782 870 1019

$300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800 $850 $900 $950 $1,000 $1,050

1994 1995 1996 1997 1998 1999 2000 2001 2002

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0%

Surplus %of Approp.

Surplus at Record High As a Percentage of the Budget

Fund Balances projected at Appropriations Act.