The state extended the current fiscal year by three months, a very unusual move but permitted under our Constitution. It allows more time to access the revenue impact of the pandemic and develop a strategy for the remainder of this year and next. During this time, the governor must share detailed revenue and expenditure projections with the Legislature so an acceptable consensus can be reached as to the magnitude of the problem.
While other New Jersey governors faced difficult times, the magnitude of this crisis is unprecedented. The challenge must be handled carefully and limit one-time actions that will ruin the state’s finances for years. I can draw on some first-hand experiences.