Andrew Musick, NJBIA Vice President
At this time, we are gathering feedback from members on the recently released Economic and Fiscal Policy Workgroup report and the recommendations contained in it. For a copy of the full report, please click here.
Over the course of the past year, a bipartisan group of 25 individuals, selected by the Legislature, met to develop reforms to address some of the state’s most pressing fiscal challenges. The Economic and Fiscal Policy Workgroup consisted of legislators from both houses, as well as economists, tax and fiscal experts, members of academia, the public sector, and the private sector. The workgroup was tasked with recommending ways to address pension and benefit costs, contain property taxes, improve efficiencies in both government and school districts, assess the equity of the tax structure, best leverage the value of state assets and mitigate negative impacts of the federal tax reform law.
Additionally, the workgroup examined the fairness, adequacy, efficiency and affordability of the state’s current revenue structure across all levels of government, as well as the delivery of government services. Specifically, the group focused on the following five areas:
1) Pension & Benefit Reform
2) Education Reform at the Administrative Level
3) County & Municipal Government Reform and Shared Services
4) State and Local Government Tax Structure
5) Leveraging Assets to Stabilize the Pension System
While the report represents a first step in the process, there will be ongoing discussion, debate and considerations. As such, we are asking for any reactions, suggestions or comments you have on the recommendations and which ones are best suited to help address the fiscal challenges faced in New Jersey.
Please send any feedback or questions you may have to amusick@njbia.org.
