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Treasury Freezes Nearly a Billion Dollars in Spending as Fiscal Uncertainty Over COVID-19 Mounts

March 23, 2020
Via Insider NJ
Source: Downtown NJ

The State of NJ “placed over $900 million in items of appropriation into reserve in order to ensure sufficient cash and budget authority to meet emergency and statutorily required obligations”, including funds for EDA Grant Programs, the Homestead Rebate Program, Municipal Aid Programs, and School Aid. In addition, the freeze includes discretionary funds, 50% of special projects, and 50% of all other dedicated funded programs. The implications of these freezes are still be determined, but of particular concern are existing funds allocated to Main Street New Jersey and the Neighborhood Preservation Program.

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