NEW JERSEY – According to a new study by Dr. Sarah Arnett of the Government Accountability Office that measures the fiscal health of the fifty states in four categories, New Jersey ranks dead last in both annual budget and long-term solvency. The state’s poor performance in all four categories earned it the worst ranking of all fifty states in overall fiscal health.
Arnett’s report examines the health of each state according to four solvency categories: cash solvency, budget solvency, long-run solvency, and service-level solvency. (See definitions below.)
In two of the four categories, budget and long-run solvency, New Jersey ranks 50th. In cash and service-level solvency, the state doesn’t fare much better, coming in at 36th and 39th, respectively. (continue reading)
WISCONSIN – MADISON, Wis. (AP) — Wisconsin’s net budget surplus grew to nearly $1 billion, money that Gov. Scott Walker and Republican legislative leaders are eyeing for income and property tax cuts.
The net total surplus of $977 million was fueled by $893 million in tax collections above earlier projections, the nonpartisan Legislative Fiscal Bureau reported Thursday.
News of the surplus, expected for weeks but larger than many anticipated, will set off a feeding frenzy in the Capitol among lobbyists, special interest groups and lawmakers all trying to spend a piece of the pie.
“The additional revenue should be returned to taxpayers because it’s their money, and my administration will work with the Legislature to determine the most prudent course of action,” Walker said in a statement. (continue reading)
