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Credit: train photos via Creative Commons under CC BY-SA 2.0 Freight train climbing hill After plummeting at the onset of the pandemic last year, booming investment earnings have helped push the total value of pension fund assets over $90 billion, officials said Wednesday during a public meeting of the New Jersey State Investment Council. “The results, obviously, have been very favorable,” investment council chairman Deepak Raj said during the meeting. The potential record-setting investment performance comes as the state has been ramping up pension contributions in recent years to climb out of a huge hole created by past underfunding. It also comes after Gov. Phil Murphy’s administration resisted calls to short state pension payments amid budget problems that were triggered at the onset of the coronavirus pandemic. ....
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. ....
File photo At first the coronavirus pandemic slowed New Jersey’s real estate market, but a huge rebound followed, even as many other industries struggled. “It’s COVID-19, that’s probably one of the main reasons,” said Robert White, a Monmouth County realtor who noted buyers fleeing New York City have driven demand in his region. The surge in home sales means a boost for New Jersey’s bottom line since it generates more revenue from a tax on real-estate transactions. And real estate is not the only industry seeing a rise in sales during the pandemic and with it a corresponding lift in state revenues. ....
New Jersey Pension Fund sees 14.8% return BLOOMBERG NEWS New Jersery state lottery contributed $500 million to the state pension fund in the last six months of 2020. The New Jersey Pension Fund, Trenton, posted a return of 14.81% for the six months ended Dec. 31, according to preliminary data prepared by the division of investment, a unit of the state Department of the Treasury that manages investments for the $83.3 billion pension fund. The returns, net of all fees for the first half of the pension fund s current fiscal year, topped the benchmark of 13.94% The results were presented in a division report Wednesdayto the State Investment Council, which formulates policies for the division. ....