Garden State Times

Senators Anthony Bucco and Michael Testa have voiced their disappointment with the Murphy administration's approach to retiring outstanding debt, stating that more taxpayer dollars could have been saved with a more thoughtful strategy. The senators expressed their concerns in a joint statement, pointing out missed opportunities for greater savings and more responsible financial decisions.

Bucco and Testa highlighted that the administration's use of $500 million for debt defeasance, while potentially beneficial, did not prioritize retiring the most cost-effective debt. Bucco remarked, "...it’s frustrating that the debt being retired is less expensive debt than what could have been retired with far larger savings for taxpayers." They emphasized that paying off more expensive debt first would have been a wiser choice, likening it to prioritizing payments on credit card debt over longer-term loans.

The senators criticized the administration for not taking advantage of the opportunity to provide relief to property taxpayers by paying off the most expensive local debt, as proposed by Republicans. Instead, the Murphy administration chose to defease less expensive state debt to free up funds for its own budget priorities. Testa stated, "This is nothing more than pulling the wool over the New Jersey taxpayers’ eyes when a lot more of taxpayer dollars could have been saved by a more thoughtful approach that embraced republican recommendations."

Furthermore, Bucco and Testa pointed out that the funds used for debt retirement could have been allocated to support essential road projects without the need for tax increases or incurring expensive long-term debt. They criticized the administration for what they perceived as poor stewardship of taxpayer dollars and a missed opportunity to avoid additional financial burdens on New Jersey residents.

In conclusion, the senators lamented the administration's handling of debt retirement, with Bucco stating, "In short, the administration dropped the ball." They urged for a more careful and considerate approach to financial decisions that would prioritize taxpayer savings and responsible budgeting practices.

For further inquiries or comments, individuals are encouraged to reach out to Kyle Fischer, SRO Communications Director, to arrange discussions with Senators Bucco or Testa.