After many years of overspending by both Republican and Democratic administrations, NJ state finds itself in a fiscal mess. Instead of tackling the root cause of a bloated state government, our governor has launched a plan to transfer debt and to squeeze more money out of the taxpayers.
The summary of the plan is that the state will create two state owned non-profit companies that will manage highway maintenance and toll collection for the state. These new companies will be used to hide debt and to increase toll collections.
The Public Benefit Corporation (PBC) will be created with a concession agreement with the NJ Turnpike Authority. This agreement will include an initial payment and future periodic payments to the NJ Turnpike Authority. The initial payment by the PBC shall be made by the PBC issuing bonds. The payments made shall be used by the state to pay off existing state owned debt. In effect this scheme shall transfer debt from the state to the state owned PBC.
The second company is the Public Interest Corporation (PIC). It shall be created solely for the purpose of managing and approving the PBC board members. According to Corzine’s sales pitch, the PIC shall consist of “a majority representing stakeholder interests”.
The plan includes a 75 year plan of increasing the tolls by 50% (plus a 3% annual CPI increase) every four years. Based on his numbers the current $0.70 toll on the parkway will be $1.20 in 2010, $1.90 in 2014, $3.20 in 2018 and $5.40 in 2022.
The New Jersey Turnpike Authority, Inc. is already chartered as a Public Benefit Corporation by the state of NJ. It has around 3,500 employees. Each of its employees are treated like state employees and participate in the state pension system. One can only assume that employees of the two new companies will also participate in the state pension system.
The NJ Turnpike Authority charter expires in 2009. The plan does not get rid of the NJ Turnpike Authority, rather it adds additional layers of bureaucracy to an already over bloated system.
We demand that the Corzine administration perform a top to bottom evaluation of every department and agency for efficiency improvements. Every possible cut in government must be considered. Several agencies can be done away with either by merging their functions with existing agencies or leaving those functions to the private sector.
“But pigs will fly over the Statehouse before there’s a realistic level of new taxes or spending cuts that can fix this mess”
– Governor Jon Corzine
All citizens should consider attending the town hall meetings that Corzine is holding to discuss his proposal. NJ101.5 has formed a Flying Pigs Coalition and is planning rallies, visit their page and join the Coalition.
Open Government Advocacy ProjectFull Story
After years of dithering, Federal Communications Commission Chairman Tom Wheeler has at last deposited the formal propos [ ... ]Selected BlogsFull Story
On September 24, 2014, two veteran Stafford Township (Ocean County) police officers sued the Township and Police Chief J [ ... ]Police Accountability ProjectFull Story
Open Government Advocacy ProjectFull Story
On March 11, 2015 at 9 a.m., Somerset County Superior Court Assignment Judge Yolanda Ciccone will hear argument in my ne [ ... ]Open Government Advocacy ProjectFull Story
In a December 17, 2014 "Confidential Agreement," the Township of Lakewood (Ocean County) agreed withdraw a Preliminary N [ ... ]Police Accountability ProjectFull Story
Update: The Judgment of Conviction (JOC) in my original post referenced a separate indictment numbered 13-06-1490. The J [ ... ]Police Accountability ProjectFull Story
I often report of incidents where police officers give preferential treatment to fellow officers. This is not one of tho [ ... ]Police Accountability ProjectFull Story
- Manchester appeals from court's reinstatement of fired police officer
- Alcohol & Guns Don't Mix: Former Lacey Cop Shoots Friend While Driving Drunk
- State agrees to adopt Libertarian Party's transparency initiative
- Submachine Guns: The Gift That Keeps On Giving - Donation of Submachine Guns in Lakewood R...
- Ocean County secretly pays $25,000 to settle inmate's excessive force suit against jail gu...
- Tinton Falls Man Arrested for Anti-Cop Facebook Statement
- Drug War Rages on In New Jersey
- Mullica Township Tables Ban on Cross Dressing and Lewd Books
- Fat kids and drug cartels: The lessons 81 years after prohibition
- The Pilgrims and Property Rights: How our ancestors got fat & happy
- Liberty Uber Alles
- My small project: Gathering court cases involving Plainfield, NJ
- NJLP Urges Vineland Not to Seize Judges Home