NJ Budgeting Gets Low Marks

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Gov. Christie delivers budget address for fiscal year 2015.

After facing a series of shortfalls in recent years, a new report gives New Jersey low marks on its revenue forecasts.

The Washington, D.C.-based Center on Budget and Policy Priorities evaluated states on budgeting best practices, and found New Jersey lacking in several areas.

The Center says New Jersey could get on track if the governor and legislature produced forecasts together, worked with outside experts, and opened up those discussions to the public.

"The consequence is we overshoot, and when we overshoot, then we make what are frequently painful adjustments during the budget year," said Gordon MacInnes, president of New Jersey Policy Perspective.

This year, Governor Chris Christie cut the state's pension payment to balance the budget following a nearly billion dollar revenue gap.