Leadership Transition at Division of Investment Announced May 12, 2021, 2:15 pm | in
Leadership Transition at Division of Investment Announced
(TRENTON) – New Jersey Department of the Treasury’s Division of Investments Director Corey Amon announced Tuesday that he is resigning his position, effective June 4, to pursue a new opportunity. Shoaib Khan, Deputy Director of the Division, will serve as Acting Director following Amon’s departure to ensure a seamless transition in order to protect the retirement of hundreds of thousands of public employees.
“Corey’s hard work and commitment have placed the Division in a strong position as we begin to emerge from the COVID pandemic. His dedication to pension fund members and the way he honored his fiduciary duty has been commendable. We are thankful for his service and wish him all the best as he embarks on the next chapter of his career,” said
UpdatedThu, May 6, 2021 at 9:26 am ET
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New Jersey officials say they re looking into replacing the gas tax since fuel consumption is down. (Shutterstock)
NEW JERSEY New Jersey could get rid of the gas tax now that it s jumped astronomically in recent years. But even if the state moves forward, drivers will still find themselves digging in their pockets if they want to hit the road.
State officials say they re looking into replacing the gas tax with a mileage fee, a plan that would help New Jersey deal with the rising numbers of electric cars that have hit the road.
With a mileage fee, each car would have to be equipped with mileage counter that tracks usage.
Credit: Chronis Yan on Unsplash
File photo
Gov. Phil Murphy’s administration is finalizing the sale of $400 million in state general-obligation bonds, debt that will finance school, library and environmental projects already approved by voters.
Under terms of the bond sale reviewed by administration officials on Thursday, the debt is being issued this month with a 20-year maturity and a true interest cost of just over 2%.
“We are encouraged by the strong demand investors continue to show for New Jersey paper as evidenced by the low true interest cost we received and the number of parties that bid, which is a sign of the faith investors have in the state’s credit,” said Treasurer Elizabeth Maher Muoio.
New Jersey lines up $400M sale with outlook boost bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
TRENTON – New Jersey’s budget is balanced in part through nearly $4.3 billion from emergency borrowing authorized in response to the coronavirus pandemic, but a nonpartisan budget analyst says it’s now clear that wasn’t necessary.
At a Senate budget committee hearing Tuesday, Thomas Koenig, the Office of Legislative Services’ budget and finance officer, said the borrowing was defensible at the time the budget was adopted in September.
“But from today’s vantage point, the borrowing was not essential to balancing the FY21 budget,” Koenig said.
Koenig said that without the borrowing, the state’s surplus would have fallen by only $165 million since Oct. 1 and remain slightly above $2 billion. Revenue forecasts have been upgraded by $3.4 billion, and the budget counts on $1.1 billion in lapses, helping build a surplus of $6.4 billion – over 15% of spending.