Tags: christie | raids | energy | fund

Christie ‘Raiding’ Clean-Energy Fund for $279 M

Thursday, 24 May 2012 12:42 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
New Jersey Governor Chris Christie plans to return to the state’s clean-energy fund for another $279 million to narrow a budget gap of as much as $1.3 billion, according to the state’s treasurer.

Christie plans to use $200 million for the fiscal year ending in June and $79 million for fiscal 2013, Treasurer Andrew Sidamon-Eristoff told the legislature’s budget committee yesterday. That will add to the $466 million he’s already taken from the fund that invests in renewable energy and efficiency programs.

Energy taxes fell by as much as $330 million this year as sustained power outages following Hurricane Irene and Tropical Storm Lee, along with lower natural-gas prices and a warmer winter, depressed sales-tax collections. This contributed to the drop-off in receipts, the treasurer said.

With the diversion, the state will face a $314 million shortfall in revenue this year, Sidamon-Eristoff said. New Jersey’s revenue will also be $362 million below Christie’s projections for the fiscal year that starts July 1.

The 49-year-old Republican governor will face resistance from the Democrat-controlled state legislature, which must approve his plan to divert the clean-energy funds, said Assemblyman John McKeon.

“I’m going to make every effort to prevent the governor from taking this money,” McKeon, a Democrat, said today in an interview. “It’s up to us to stop him from raiding the clean- energy fund.” The funds are collected through a 3.8 percent surcharge on utility customers’ bills.

State-tax revenue may lag behind Christie’s targets by $668 million in fiscal 2012 and $635 million in the year that begins July 1, David Rosen of the nonpartisan Office of Legislative Services told the Assembly Budget Committee yesterday.

Christie’s $32.1 billion spending plan for fiscal 2013 counts on a 7.3 percent revenue gain, the most since before the recession that began in December 2007.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Doctor With Ebola Virus Offers Only Serum Dose to Colleague

Thursday, 31 Jul 2014 18:17 PM

A doctor stricken with the Ebola virus asked that his colleague, a missionary worker also sick with the virus, be given  . . .

Senate Report Exposes Green Groups' Activist 'Billionaires Club'

Thursday, 31 Jul 2014 16:48 PM

A report released Wednesday by Republicans on the Senate Environment and Public Works Committee says environmental group . . .

Joe Scarborough Explains Israel 'Asinine' Comment

Thursday, 31 Jul 2014 15:31 PM

MSNBC host Joe Scarborough said he was taken aback by the intense reaction to comments he made criticizing Israel's mili . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved