Instructions:The State of New Jersey experienced significant negative impacts as the result of the coronavirus
pandemic. These impacts were driven by significant decreases in state revenue with no
corresponding decreases in expenditures. In truth, these negative financial impacts exacerbated
the already (previously) poor financial condition of the state. The State of New Jersey financial
condition, however, has improved over the last two years. The Governor’s proposed budget is
given at the following link and provides a number of encouraging indications of the improved
financial health of the state:
https://www.state.nj.us/treasury/omb/publications/24bib/BIB.pdf
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On October 24, 2022, however, the organization, Truth in Accounting, released a report entitled,
“Financial State of the States 2022.” This report details and ranks the current financial condition
of each state. The report can be found at the following link:
https://www.truthinaccounting.org/library/doclib/FSOS-2022.pdf
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The Governor of New Jersey, Phil Murphy, has hired your team to consult on the current state of
New Jersey’s financial condition. Specifically, he wants help understanding why New Jersey
received the ranking that it received in the “Truth in Accounting” report and asks you to provide
recommendations designed to improve the state’s financial stability going forward.
Requirements:
You have been assigned to teams of two or three people (The assignments were made randomly
by Canvas). Your team should write a formal memorandum addressing the Governor’s questions
and concerns. Below is a list of questions to guide your efforts. Your memorandum should not
exceed three single-spaced pages (the Governor is a busy guy) (Your font should be no smaller
than 12 pt). For instructions on writing a formal memorandum, you may refer to the resources
provided on our Canvas account.
The Governor’s questions include:
1) Is there a balanced budget requirement in New Jersey?
2) What are the primary sources of New Jersey’s revenue projected to be in 2024? How do these
projections compare to the prior year?
3) What are the primary expenditures projected to be in 2024?
4) Is New Jersey in financial trouble? Why did the organization “Truth in Accounting” give
New Jersey the current year ranking? What is the primary cause of this ranking?
5) What proposals do you have to improve New Jersey’s financial condition over the next two
years?
Memo: BELOW
Dear Governer Murphy,
We hope you are doing well. My group and I are very pleased that you reached out, especially
given the recent publication by truthinaccounting.org listing New Jersey as the very worst state
in regards to financial health and burden by taxpayer. The following paragraphs will answer your
questions in the order that they have been asked.
The first question reads: “Is there a balanced budget requirement in New Jersey?”
Our answer to this question is, yes, according to truthinaccounting.org “every state except for
Vermont has balanced budget requirements.” In the state of New Jersey the balanced budget
requirement mandates that expenditures never exceed the revenues in an effort to maintain the
state’s financial viability. This budget is established every fiscal year and must be in and signed
by the governor by July 1st. The budget is mandated by the state constitution in Article V,
section 1.
The second question reads “What are the primary sources of New Jersey’s revenue projected to
be in 2024. How do these projections compare to the prior year?
To answer this question my group and I have consulted The Governor’s FY2024 Budget in Brief.
Page 59 of the document or page 65 of the PDF shows that in order, the sources of revenue from
largest to smallest are income tax, sales tax, corporation taxes, business alternative income tax,
and other.Revenues for 2024 are currently projected to come in $226,000 less than in 2023 but
$3,469,000 greater than 2023’s original projection. Because of the magnitude of difference
between the projection for last year and the actually recorded revenues, we believe that the
consolidation of revenue from this year to next to be healthy.
https://www.nj.gov/treasury/omb/faqs.shtml#:~:text=What%20is%20a%20Balanced%20Budget,
and%20integrity%20of%20the%20State.
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