Oroho: Revenue Update from Treasurer Shows How Severely Murphy Administration Misled on NJ’s Finances

Senator Steven Oroho (R-24) said today’s revenue update from New Jersey Treasurer Elizabeth Muoio shows how severely the Murphy administration misled the public last fall on the state of New Jersey’s finances.

“Governor Murphy and Treasurer Muoio sold the New Jersey Supreme Court on a doom-and-gloom budget scenario last fall to gain approval for their unnecessary borrowing plan,” said Oroho, the Senate Republican Budget Officer. “Today’s revenue update by the treasurer is more proof that the administration severely misled the public, legislators, and the courts about New Jersey’s finances.”

Treasurer Muoio said today that State revenue forecasts will increased by hundreds of millions of dollars, beyond even the multi-billion increase that was revealed in early April.

Similarly, the fiscal analysts at the nonpartisan Office of Legislative Services said they will likely revise their revenue projections higher. Their forecasts are already $553 million higher than the administration’s.

Oroho and Senate Republicans on the Budget Committee blasted the administration in early April when the treasurer finally admitted that revenues were billions higher than the administration had been claiming for months.