WHEREAS, on June 30, 2008, I signed Executive Order No. 103 (2008), creating a mechanism to help eliminate the longstanding, bipartisan practice of relying upon non-recurring revenues to fund recurring expenses of State government; and
WHEREAS, this administration, working cooperatively with the Legislature, has made unprecedented progress in curbing State expenditures, actually cutting the State budget, and reducing the State’s reliance on non-recurring sources of revenue to fund recurring State expenses; and
WHEREAS, from the outset of the administration, I have emphasized as one of my highest priorities that recurring revenues should meet or exceed recurring expenses; and
WHEREAS, during this period of fiscal and economic crisis, it is not only prudent, but imperative, that the State’s finances be managed responsibly; and
WHEREAS, as Governor, I have a responsibility to ensure a balanced budget, manage the operations of State Government effectively and efficiently, and maintain necessary government programs and assistance to the public; and
WHEREAS, the United States of America is confronting a fiscal and economic crisis more severe than any experienced since the Great Depression, a consequence of which is dramatically reduced revenues to the State, and in particular, markedly diminished revenues derived from recurring sources; and
WHEREAS, in recognition of the scope and severity of the ongoing national and international economic crisis, the federal government in recent weeks enacted what has been described as an unprecedented short-term stimulus law intended to bolster the staggering national economy by creating and retaining more than three million jobs; and
WHEREAS, State legislation already has been enacted to amend New Jersey’s Fiscal Year 2009 appropriations law, in compliance with constitutional mandates, to offset the shortfalls in State revenues experienced to date during the fiscal year; and
WHEREAS, such shortfalls compromise the State’s ability to continue performing the core functions of government during the current economic crisis and to address the immediate needs of residents; and
WHEREAS, in order to continue to provide important and essential services and maintain a balanced budget, it is unavoidable to propose certain temporary revenue enhancing measures, in addition to available federal stimulus funds, which would not be “recurring” revenues under Executive Order No. 103 (2008); and
WHEREAS, in light of the magnitude of the ongoing economic crisis, it is appropriate to make a temporary adjustment to Executive Order No. 103 (2008);
NOW, THEREFORE, I, JON S. CORZINE, Governor of the State of New Jersey, by virtue of the authority vested in me by the Constitution and by the Statutes of this State, do hereby ORDER and DIRECT:
- The provisions of Executive Order No. 103 (2008) are temporarily suspended.
- To ensure transparency in the budgeting process, the State Treasurer, in consultation with the Office of Management and Budget, shall prepare an estimate of the recurring and non-recurring revenues of the State for Fiscal Year 2010, including but not limited to anticipated federal stimulus funds, and shall make the estimate publicly available on the Department of the Treasury’s website.
- This Order shall take effect immediately and shall apply only to State Fiscal Year 2010.
GIVEN, under my hand and seal this 10th
day of March, Two Thousand and Nine,
and of the Independence of the United
States, the Two Hundred and Thirty-third.
/s/ Jon S. Corzine
/s/ William J. Castner, Jr.
Chief Counsel to the Governor