Monetization of New Jersey
Gov. Corzine spent a goodly portion of his budget address today talking about the need for New Jersey to consider monetizing its assets - i.e, coming up with new ways to generate revenue to pay for the state's unaddressed capital and human needs.
Most of the discussion about monetization has centered around the possible lease of the N.J. Turnpike and Garden State Parkway and turning the N.J. Lottery over to a private vendor. But state Treasurer Bradley Abelow is looking at monetization far more broadly. Selling off property and public lands, and selling naming rights and air rights - the ability to build and lease office/retail space above train stations and other properties, for example - also are on the table. Abelow says he will present recommendations to Corzine within four to six weeks.
The lease of the state's toll roads has the greatest potential for a huge, quick infusion of cash. It also has the slimmest chance of gaining legislative approval, based, at least, on the early public response from lawmakers.
No matter how you cut it, most monetizing schemes are essentially "one shots" or deferred debt of the kind Corzine says he deplores. It's a shame his concern about the state's long-term health, jeopardized by mountains of debt attributable in large part to unfunded pension and health care liabilities for government employees, wasn't reflected in the contract he negotiated with the CWA.
Most of the discussion about monetization has centered around the possible lease of the N.J. Turnpike and Garden State Parkway and turning the N.J. Lottery over to a private vendor. But state Treasurer Bradley Abelow is looking at monetization far more broadly. Selling off property and public lands, and selling naming rights and air rights - the ability to build and lease office/retail space above train stations and other properties, for example - also are on the table. Abelow says he will present recommendations to Corzine within four to six weeks.
The lease of the state's toll roads has the greatest potential for a huge, quick infusion of cash. It also has the slimmest chance of gaining legislative approval, based, at least, on the early public response from lawmakers.
No matter how you cut it, most monetizing schemes are essentially "one shots" or deferred debt of the kind Corzine says he deplores. It's a shame his concern about the state's long-term health, jeopardized by mountains of debt attributable in large part to unfunded pension and health care liabilities for government employees, wasn't reflected in the contract he negotiated with the CWA.
posted by Randy Bergmann at 2:33 PM
1 Comments:
Corzine told the lawmakers hands off he wanted to deal with his whore union boss himself.I'm sure he got his his and she got hers..and WE got screwed
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