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Assembly budget plan funds pensions, raises taxes

6-19-14

TRENTON, N.J. (AP) — The New Jersey Assembly is crafting its own state budget proposal that fully funds the public worker pension obligation and restores funding to women’s health centers and other core Democratic constituencies.

Assembly Speaker Vincent Prieto announced his plans Thursday, the day after Senate President Stephen Sweeney unveiled the Senate’s budget proposal.

Details of his plan won’t be available until next week.

Both houses of the Legislature are crafting budgets in which the state makes its pension payment for FY2015.

Gov. Chris Christie’s budget makes only a portion of the pension payment.

The governor says that’s all the state can afford.

The legislative proposal relies on additional taxes on millionaires to help fund the budget.

A balanced budget must be adopted by the Legislature and signed by Christie before July 1.