Murphy Administration Plans to Retire $1B in Bonded Debt

December 12, 2022 | njspotlightnews.org

Photo Credit: Clker-Free-Vector-Images (From Pixabay)

Gov. Phil Murphy’s administration is planning to retire another big chunk of New Jersey’s bonded debt, this time a total of about $1 billion.

The debt-reduction effort will be carried out using funds deposited earlier this year in a multibillion-dollar account maintained outside of the state budget Murphy and lawmakers created specifically to address New Jersey’s significant debt.

NJ SEED: It would take a degree in accounting to begin to understand the tangled web of borrowing, appropriating, and shifting accounts that government officials weave to obfuscate the way the taxpayers’ money is managed. However, paying down debt is always a good thing.