New Jersey’s financial landscape is showing mixed signals as the state’s bonded debt has decreased to its lowest level in over a decade. This marks a positive shift in the state’s financial management, as the amount owed to bondholders has dipped, offering a glimpse of fiscal progress.
However, despite this reduction in bonded debt, other forms of state debt have seen a slight increase. These rising liabilities highlight ongoing challenges for the state’s overall fiscal health, as other financial obligations continue to grow, offsetting the gains made in managing bond-related debt.
While the reduction in bonded debt is a welcome development for New Jersey’s financial outlook, it remains crucial for state leaders to carefully manage and address the broader spectrum of financial obligations. Maintaining a balance between paying down debt and managing future liabilities will be key to ensuring long-term economic stability for the state.
And this particular budget season is a tense one – with tight economic conditions, a structural deficit and a political backdrop that includes Murphy’s final year in office (and final budget) as well as the race to succeed him ratcheting up, along with the second Trump administration.
In February, just after the governor unveiled his budget plan, Garden State Initiative (GSI) released a new report titled, “When in a Hole, Stop Digging: New Jersey’s Budget Woes and How to Address Them,” by Thad Calabrese, professor of Public and Nonprofit Financial Management at the Robert F. Wagner Graduate School of Public Service at New York University. GSI is an independent, non-partisan think tank.
The report examines the state’s structural deficit and allocation of the surplus and COVID funds – as well as detailing spending by branches of the government.
“When in a Hole, Stop Digging” lays out several recommendations for policy changes including:
Reducing the tax burden on individuals and businesses to boost competitiveness with other states that are currently drawing in families and companies.
Focusing state spending on essential public services while cutting back on non-essential areas.
Ensuring the state’s budget is fiscally balanced, where annual revenues fully cover annual expenditures.
Enacting reforms to the state’s pension and retiree health care systems to reduce the annual costs. A likely solution will involve higher worker contributions, longer vesting periods and less generous benefits.
“New Jersey’s budget is structurally out of balance, with spending growing faster than revenue, forcing the state to dip into savings to cover regular government costs,” Calabrese wrote in the report’s conclusion. “Federal COVID relief funds temporarily masked this issue, with substantial amounts directed not only to public health but also to other unrelated expenditures.
“In recent years, New Jersey has significantly raised taxes, especially on higher-income individuals and businesses. As a result, the state already ranks poorly in terms of business-friendliness and is unlikely to attract new or expanding companies without major reforms to its tax and spending policies.”
On the record
“This report clearly presents the state’s return on investment for taxpayers, and I think the taxpayers will be disappointed” said GSI President Audrey Lane in a February 26 press release. “While other states took the opportunity to use COVID relief funds to provide guardrails for policy reform that would have improved affordability for all, New Jersey squandered its opportunity.”
Lane recommended that lawmakers pay attention to the policy recommendations Calabrese made — especially as the budget season ramps up.
“The report clearly states New Jersey’s critical economic challenges and presents a clear, practical plan to begin addressing the downward trajectory,” said Lane.
Read the “When in a Hole, Stop Digging: New Jersey’s Budget Woes and How to Address Them” report here.
NJBIZ recently spoke to Lane about the report, the budget and more.
At the top of the conversation, Lane noted that the timing of the report was quite intentional. The publication also follows up on last year’s GSI report about the looming fiscal cliff.
“In our organization, we like to put data, facts and figures behind these ideas. And so that was a deeper dive into – when are we running out of money; what are our sources of revenue in this state; and what can we do to prevent it?” Lane told NJBIZ. “And then, this year I thought – it’s a year later, we’ve got one more year of financial data out there. Again, I like to have the facts and figures to talk about what’s really going on around budget season.”
She said that the report wanted to focus on what the return on the investment for taxpayers was with COVID money, as well as how much the surplus is expected to be drawn down – and more.
Burden on business
“What’s the main topline/main summary of what this report found?” NJBIZ asked.
“The report found that, unfortunately, our return on investment for some of the larger sectors in our state – transportation, education and programs to combat poverty – was poor or disappointing,” said Lane. “And I think that’s the topline. I hate to be negative. I really do.”
She said she hoped that policymakers would look at the report’s recommendations on where to go from here.
Lane then spoke about how the state utilized its COVID money.
“If we just look, for example, to our neighbor – Pennsylvania. They made very good use of their surplus money,” said Lane. “And what they did was they used it as a backstop for a structural change to their corporate business tax – and they implemented corporate business tax reform that’s paying dividends for them and increasing revenue in the state.”
Pennsylvania Gov. Josh Shapiro (left) and Gov. Phil Murphy are shown at an April 2023 event in Philadelphia. Garden State Initiative President Audrey Lane noted that the Keystone State “made very good use” of its COVID funds. – PROVIDED BY PACAST
Of course, last year a major budget battle centered around the corporate tax rate. Business groups vehemently opposed the 2.5% surtax (the corporate transit fee) that was passed and signed into law. The funds support NJ Transit, which was facing a fiscal cliff.
“We screamed from the rooftops about this last year. It would have been a great investment for the future of the state to have looked at the corporate business tax reform,” she said. “As you lower corporate business taxes, inevitably and time and time again, the state revenue goes up. We can look at Indiana; we can look at Ohio; we can look at Iowa; we can look at North Carolina. And in every case, as you step down the corporate business tax intentionally, revenue went up.”
‘Death by a million cuts’
She described watching other states lower corporate business tax rates while New Jersey’s went up as “maddening.”
“These things don’t happen in isolation. We can’t just raise taxes. And that’s something that this report emphasizes. It’s not just about revenue,” Lane continued. “It’s about spending. We actually have increased revenue in some areas. But it has to go hand-in-hand with spending cuts. And I have not heard a single word about spending cuts [in the budget address/proposal].”
In March, the New Jersey Society of Certified Public Accountants released a survey gauging feedback from Garden State CPAs about Gov. Phil Murphy’s $58 billion Fiscal Year 2026 budget proposal. Find out more here. – PROVIDED BY NJCPA
“What’s your take on some of the fee increases/revenue raisers – taxes, however you want to characterize them, on things from alcohol to the warehouse tax and other items?” NJBIZ asked.
“The so-called sin taxes are going to disproportionately affect those in lower income levels. That’s a fact,” said Lane. “And that’s the exact population that’s already struggling with affordability in our state.
“The buck-a-truck tax that was floated last year – is now proposed at $2. As we know, corporations don’t pay taxes – people will pay them. It will be a pass along. So, every one of these incremental fee increases are just hitting the residents of New Jersey, who are already struggling with affordability.
“These – I’ll call it ‘death by a million cuts’ – will just lead corporations to grow in other states. Where they already are,” said Lane. “From an affordability and tax standpoint, it doesn’t make sense right now to grow in New Jersey.”
The good news
She said what’s bad about the problem is that it exists.
“The good is that this is solvable,” said Lane. “We can pivot here. I do not see that happening – as the governor is finishing out his term. But there’s always hope. North Carolina made remarkable changes within one administration – and continues on that. This is a template for a change – and New Jersey is ripe for it.”
Lane stressed that New Jersey has so much to offer, from its prime location to its top-tier education system and more.
“Not only is New Jersey my home, my family’s home – but it’s a gem,” said Lane. “We are poised for growth like none other. I think that’s what’s so frustrating – but also so energizing – is that there’s the opportunity for change and growth. If we didn’t have potential, I wouldn’t be so energized. This state has so much to offer and so much potential.
“And just with some policy changes, we could be on the right course – and follow the growth that a lot of states on the East Coast have seen over the past five to 10 years.”
On Tuesday night, the Boston Bruins traveled to Newark with one goal in mind: to thwart the New Jersey Devils’ bid to secure a spot in the 2025 playoffs. In a dominant display of skill and strength, the Bruins delivered a decisive 7-2 victory, dashing the Devils’ hopes of clinching a postseason berth.
The Devils entered the game with an opportunity to lock in their playoff position, but the Bruins had other plans, controlling the game from start to finish. Boston’s offense was relentless, capitalizing on every opportunity and keeping New Jersey on the defensive throughout the contest. Despite the Devils’ efforts, they were unable to mount a comeback, leaving them to regroup for the next challenge as they now face an uphill battle to reach the postseason.
The Bruins’ commanding performance not only shattered the Devils’ playoff dreams for the night but also reminded everyone of their formidable presence in the race for playoff positioning.
Join Morris County’s “Two If By Sea” Campaign; Shine Two Lamps for Two Hours
Paul Revere and other American patriots rode into the night of April 18, 1775, warning Minute Men and militias in Massachusetts that British troops were crossing the mouth of the Charles River from Boston to seize their guns and quell their budding rebellion.
Their ride, and the American Revolution, were triggered by a simple signal: two lanterns hung from the bell tower of Boston’s tallest building, the Old North Church. Two lanterns meant the troops were crossing the Charles River at the Boston Harbor or “Two If By Sea,” and the next day, the British were met in Lexington and Concord by armed militants in skirmishes that became known as “the shot heard round the world.”
Join Morris County this Good Friday, April 18, 2025, in celebrating “Two If By Sea,” that fateful evening 250 years ago when the lamps were hung. Place two lamps, lanterns or lights for two hours in the windows of homes, businesses, churches, stores and town halls or schools between 8 p.m. to 10 p.m.
The simple homage will begin April 18 with the Morris County Board of County Commissioners and the Morris County 250th Anniversary Steering Committee shining two beacons from both the Morris County Courthouse and St. Peter’s Episcopal Church in Morristown. The clergy, staff and congregation of St. Peter’s, an Anglican church, is graciously supporting the celebration, as the Old North Church in Boston was also an Anglican church in 1775.
“Two If By Sea”
Revere is credited with developing the signal plan: One lantern if the British marched out of Boston via a land bridge to the mainland; two lanterns if they rowed boats across the mouth of the Charles River from Boston in their march to Lexington and Concord.
Henry Wadsworth Longfellow memorialized – and romanticized – the events 85 years later with his famous poem, Paul Revere’s Ride, which included the stanza:
“One if by land, and two if by sea; and I on the opposite shore will be, ready to ride and spread the alarm through every Middlesex village and farm, for the country-folk to be up and to arm.”
The signal activated a network of riders — including Paul Revere and William Dawes — who spread the word across Massachusetts’ countryside. By morning, colonial militia were ready for British forces in Lexington, where the first shots of the Revolutionary War were fired, and then again as the battered British moved on to Concord.
“This campaign brings us together to honor the night that changed the course of our nation,” said Morris County Commissioner Christine Myers, liaison to the Morris County 250th Anniversary Steering Committee. “We hope to see homes, public buildings and landmarks across Morris County shining with two lights, to reflect on the bravery of our forefathers that brought about a pivotal moment in our history.”
Everyone is encouraged to take photos of homes, businesses and other places joining the event and to post them to social media using #TwoIfBySea. Please mention: @MorrisCountyNJ.
“Lighting two lanterns didn’t just warn a town, it activated a movement,” said Commissioner Deputy Director Stephen Shaw, liaison to the Morris County 250th Anniversary Steering Committee. “It was the first signal in a revolution driven by ordinary citizens standing up for extraordinary ideals.”
The Morris County Commissioners are formally endorsing the campaign with a proclamation to be adopted, tomorrow, April 9.
The “Two If By Sea” campaign is part of a broader effort to celebrate Morris County’s 250th Anniversary, a multi-year observance the 250th anniversary of the Declaration of Independence in 2026 spearheaded by the Morris County Tourism Bureau, as well as the County Commissioners and 250th Anniversary Steering Committee. Efforts kicked off locally in September 2024 with the rededication of a Revolutionary War-era replica cannon outside the Morris County Historical Society at Acorn Hall.
More events and programs will be announced throughout 2025 and 2026, as Morris County continues to commemorate its critical role in the founding of the United States.
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Image 1: The equestrian statue of Paul Revere by Cyrus Edwin Dallin is installed at Paul Revere Mall near the Old North Church in Boston, Mass.
Get ready for a night of laughter and intrigue as CLUE, the comedic murder mystery inspired by the iconic Hasbro board game and adapted from the beloved film, makes its way to the Mayo Performing Arts Center.
The show will run from Friday to Sunday, April 25-27, 2025, offering theatergoers an entertaining mix of mystery, humor, and suspense.
This stage adaptation brings the classic whodunit to life, with familiar characters and the same thrilling plot twists that fans of the game and movie love.
Prepare for a fun-filled evening of clues, red herrings, and plenty of laughs as the mystery unfolds before your eyes.
Whether you’re a fan of the original board game or just in the mood for a comedy with a twist, CLUE promises to deliver an unforgettable experience at one of New Jersey’s premier venues.
Attorney General Matthew J. Platkin and the Division of Criminal Justice (DCJ) announced today that 10 people – including a temporary Department of Labor and Workforce Development (DOL) employee – were indicted in March 2025 for allegedly illegally collecting unemployment benefits and other crimes during the COVID-19 pandemic. These crimes are unrelated to one another but highlight the ongoing investigative and enforcement efforts related to pandemic era frauds.
“Unemployment benefits exist to provide income to New Jersey workers who find themselves out of a job through no fault of their own,” said Attorney General Platkin. “Stealing this money is a serious crime, and we are always on the lookout for those who try to line their pockets with limited public resources. When, as is alleged in one of these cases, the defendant is a Department of Labor employee, the offenses are especially egregious.”
“Even though it has been more than five years since the COVID-19 pandemic began, we are still uncovering cases of fraud and abuse in our New Jersey unemployment benefits program and in other programs that were created to help people financially in difficult times,” said DCJ Director Theresa L. Hilton. “We will continue to investigate these cases to find those who broke the law by trying to game the system to get their hands on benefits to which they were not entitled.”
“We thank our partners at the Office of the Attorney General for their ongoing, shared commitment to rooting out fraud, and prosecuting anyone who would commit the reprehensible act of exploiting the unemployment insurance system, especially during a crisis,” said Labor Commissioner Robert Asaro-Angelo. “New Jersey’s nationally recognized anti-fraud efforts will continue to safeguard this critical lifeline for those in genuine need.”
Vanessa Allen of East Orange, New Jersey; Jeffson Cues of Newark, New Jersey; Nerlande Etienne of Irvington, New Jersey; and Rose Allen of East Orange, New Jersey, are all charged by indictment filed March 13, 2025, for their roles in schemes to collect unemployment benefits to which they were not entitled.
Allen, a former DOL temporary clerk hired during the pandemic who collected unemployment benefits during the pandemic before being detected by NJDOL, is charged with four counts of official misconduct (2nd degree); pattern of official misconduct (2nd degree); theft by deception and tampering with public records or information (both 3rd degree); falsifying or tampering with records (4th degree); and computer theft (3rd degree). The indictment alleges that Allen used her official position at DOL to obtain benefits for herself and others. She allegedly obtained for herself $56,030 to which she was not entitled. Allen allegedly made false entries into the DOL unemployment files. The indictment further alleges Allen accessed data from DOL computer systems without authorization.
Cues, Etienne, Rose Allen and Vanessa Allen are all charged with theft by deception (3rd degree) for obtaining unemployment benefits to which they were not entitled. Cues is charged with obtaining $41,689 in unemployment benefits; Etienne is charged with obtaining $59,701 in unemployment benefits; Rose Allen is charged with obtaining $33,459 in unemployment benefits. This case is being prosecuted by Deputy Attorney General Joseph Tartaglia.
Attorney General Platkin and DCJ Director Hilton also announced other COVID-19-related fraud cases:
Daezonae Cabbagestalk and Durrell Jenkins, both of Voorhees, New Jersey, are charged by indictment filed March 5, 2025, with theft by deception (2nd and 3rd degree); forgery (3rd degree); money laundering (2nd degree); conspiracy to commit money laundering (2nd degree); failure to pay tax (3rd degree); filing a fraudulent tax return (3rd degree); and misconduct by a corporate official (2nd degree). Jenkins is additionally charged with check fraud (3rd degree). The indictment alleges that between March 15, 2020, and April 15, 2023. Cabbagestalk allegedly obtained from the U.S. Small Business Administration and/or the State of New Jersey property having a total value of more than $75,000 by falsely claiming Economic Impact Disaster and Paycheck Protection loans for her company, Solemate LLC. She also allegedly falsely claimed unemployment insurance benefits. Jenkins allegedly obtained from the U.S. Small Business administration and/or the State of New Jersey property having a total value of more than $75,000 by falsely claiming Economic Impact Disaster and Paycheck Protection loans for his company, Nicest Barbers Around LLC. He also allegedly falsely claimed unemployment insurance benefits. Cabbagestalk and Jenkins also allegedly engaged in money laundering transactions, failed to pay taxes and filed fraudulent tax returns. The case is being prosecuted by Deputy Attorney General Lindsey Watson
Selene Williams of Woodbridge, New Jersey, is charged by indictment filed March 12, 2025, with theft by deception (3rd degree) for allegedly collecting unemployment benefits between March 29, 2020, and June 21, 2022. The case is being prosecuted by Deputy Attorney General Sarah G. Milicia.
Paul Huber of Pitman, New Jersey, is charged by indictment filed March 12, 2025, with theft by deception (3rd degree) for allegedly collecting unemployment benefits between February 22, 2020, and August 28, 2021. The case is being prosecuted by Deputy Attorney General Anthony J. Papageorgiou.
Brian Korygoski of Sayreville, New Jersey, is charged by indictment filed March 11, 2025, with three counts of theft by deception (3rd degree) for allegedly collecting unemployment benefits between March 22, 2020, and July 22, 2023. The case is being prosecuted by Deputy Attorney General Zachary S. Zuczek.
Second-degree charges carry a sentence of five to 10 years in state prison and a fine of up to $150,000.
Third-degree charges carry a sentence of three to five years in prison and a fine of up to $15,000. All third-degree theft offenses listed above contain allegations that the defendant illegally collected unemployment benefits in amounts greater than $500 but less than $75,000.
Fourth-degree offenses carry a sentence of up to 18 months in state prison and a fine of up to $10,000.
The charges and allegations contained in the indictments are merely accusations, and all defendants are presumed innocent unless and until proven guilty in a court of law.
Attorney General Platkin thanked the New Jersey Department of Labor, the United States Department of Labor-Office of the Inspector General and the Montgomery County Pennsylvania District Attorney’s Office.
Governor Phil Murphy has released a statement expressing his condolences following the tragic death of New Jersey native Amer Mohammed Saada Rabee, who was killed in the West Bank. The loss has deeply impacted both his family and the broader New Jersey community, as Rabee’s life was cut short under circumstances that are still being investigated.
In his statement, Governor Murphy extended heartfelt sympathies to Rabee’s loved ones and emphasized the state’s support for those affected by the incident. The Governor also highlighted the importance of understanding the circumstances surrounding his death while offering support for the family during this difficult time.
The tragic event has drawn attention across New Jersey, with many mourning the loss of a fellow resident. As authorities continue to investigate the situation, Governor Murphy reiterated his commitment to ensuring justice and supporting those grieving this heartbreaking loss.
Statement by Governor Murphy on the Death of New Jersey Native Amer Mohammed Saada Rabee in the West Bank
“I am saddened by the death of Amer Mohammed Saada Rabee, who was killed in the West Bank on Sunday.
“Amer was a U.S. citizen and New Jersey native who grew up in Saddle Brook. As the circumstances of his death remain unclear, I am asking for answers from the Israeli government as to why Amer—who was just 14 years old—was killed.
“This tragic loss of life underscores that the current course of conflict is continuing to take too great of a toll on too many people. Tammy and I are praying for Amer’s parents, Mohammed and Majed, and his four siblings, as they face this horrific loss.”
In a significant ruling on February 18, 2025, the New Jersey Supreme Court determined that the state’s Rules of Court permit certified attorneys to pay referral fees to lawyers in other states, even if those lawyers are not licensed to practice in New Jersey. The decision, made in In re Opinion No. 745 of the Supreme Court Advisory Committee on Professional Ethics (089278), marks a key development in the interpretation of professional conduct standards within the state.
The Court’s ruling clarified that while the payment of referral fees between attorneys has traditionally been regulated within state boundaries, New Jersey’s ethical guidelines can extend to include out-of-state lawyers. This opens the door for greater collaboration across state lines, provided the referring attorney and the recipient follow the established ethical requirements of their respective jurisdictions.
The decision is expected to have a substantial impact on how legal professionals handle referrals and establish relationships with attorneys outside New Jersey. The ruling provides clarity on the legality of such practices, aligning with modern legal business practices where interstate cooperation is increasingly common.
Paul Goldfinger: Directions to our sales. And have you met my hoe?
We will now begin developing our list of Yard-Sale participants. So you can sign up now or anytime through June 6.
To sign up for the list, send us your name, address, and nearest cross street to Blogfinger@verizon.net. We would like to know your names but it is not essential. We will only post your names if you ask us to.
And you can add sale items anytime through June 6. We will save those and we won’t post the sale items until about June 1.
The address list will begin posting in May, but now is a good time to make a decision about joining. By signing up you will be motivated to organize your items for sale. Whenever possible try to convince friends or neighbors to arrange group sales. The sales will be successful even if the number is small, but the more sales, the better. Our best effort was 65 sales a few years ago.
We are hoping for an affair to remember.
Note that the rain date is Sunday June 8, but we will have the sales if the rain is mild.
If anyone wants to see the list, they can go to Blogfinger.net. Later we will have a tab at the top of our home page which can be clicked to see the list. Viewing the list will be possible after May 1.
There will be advertising. Email us if you would like some fliers to use. Feel free to help promote the sales. I will post a banner on our house. You can attach a flier to your house.
You must get a permit from the building department at town hall. Tell them you are with a group sale, and it should cost $5.00.
Questions? Email us at Blogfinger@verizon.net
Eileen and Paul Goldfinger. Blogfinger.net. Blogfinger@verizon.net
If you’re planning a getaway to the Jersey Shore, look no further than the Blue Hydrangea Cottage, a highly-rated vacation rental in Belmar, NJ. This charming, owner-operated rental is the perfect place to enjoy a relaxing and comfortable stay by the beach, offering all the amenities you need to feel right at home.
A Cozy Retreat by the Shore
Located in the heart of Belmar, the Blue Hydrangea Cottage is an ideal choice for those looking to experience the best of the Jersey Shore. The property provides a cozy, welcoming atmosphere with spacious accommodations and all the comforts you could want during your stay. Whether you’re planning a summer vacation with the family, a romantic getaway, or a weekend retreat, the cottage is designed to cater to a variety of needs.
Weekly Summer Rentals in Belmar
The Blue Hydrangea Cottage is available for weekly summer rentals, making it a convenient option for those looking to escape to the shore for an extended stay. You’ll enjoy the convenience of being close to Belmar’s beautiful beaches, lively boardwalk, and delicious dining options, while also having a peaceful retreat to return to at the end of the day.
Amenities to Make You Feel At Home
What sets the Blue Hydrangea Cottage apart is the attention to detail and the amenities that make it feel like a home away from home. The cottage is fully equipped with everything you need, from modern kitchen appliances to comfortable living spaces and cozy bedrooms. You’ll have access to high-speed internet, air conditioning, and a private outdoor space, perfect for unwinding after a day in the sun.
The Ideal Base for Your Belmar Vacation
With its prime location and home-like comforts, the Blue Hydrangea Cottage is the perfect base for exploring Belmar and the surrounding areas. Whether you’re interested in soaking up the sun on the beach, enjoying water activities, or simply strolling through the charming town, this vacation rental offers a comfortable and convenient place to return to each day.
Make your next Jersey Shore vacation unforgettable by booking your stay at the Blue Hydrangea Cottage. With its combination of comfort, location, and style, it’s a top choice for those seeking a relaxing, memorable experience in Belmar.
