New Jersey’s recent string of positive fiscal news was interrupted several weeks ago by a new audit that indicated overall debt rose across the board during the last fiscal year.
For starters, the audit recorded a year-over-year increase in New Jersey’s bonded debt, putting the total at a record $48.2 billion.
That increase, however, was expected. New Jersey sold bonds during the first year of the COVID-19 pandemic to offset projected revenue losses — losses that never fully materialized. And efforts are already underway to retire some of the state’s overall bonded debt. Read More from NJ Spotlight News.