Gov. Murphy Announces Task Force To Oversee New Jersey's Coronavirus Relief Spending
TRENTON, N.J. (CBSNewYork) - Gov. Phil Murphy signed legislation Friday allowing his administration to borrow nearly $10 billion from state bonds to fund essential services as New Jersey progresses through reopening.
Murphy said it's needed to keep essential services going and plug budget holes caused by the coronavirus pandemic.
Republicans want the legislation blocked, saying the state constitution requires approval from voters.
"This is obviously not a step that any of us ever wished to have to take. Our administration has worked incredible hard over the past couple of years to point our state in an entirely new fiscal direction," said Murphy. "We had made the first deposit in a decade into the rainy day fund. But today, it is pouring. This is a historically unprecedented fiscal crisis."
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Murphy also announced plans for significant budget cuts in the 2021 fiscal year.
However, the governor said cuts will not be enough for the state to recover from the pandemic.
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Murphy said he will sign an executive order creating a task force to monitor the state's use of federal COVID-19 relief funds, including those from the CARES Act.
The task force will replace the existing Office of Recovery and Rebuilding, which was established after Superstorm Sandy.
"I am further requiring the creation of a transparency website to track the office's progress and, independently of that website, I will require an annual report to be produced," said Murphy.
The governor announced a separate task force will review the most expensive coronavirus-related transactions.