NJ Debt Grew by $381M in 2014

TRENTON (AP) -

New Jersey’s obligations increased in the last fiscal year by $381 million, or about 1 percent, the smallest increase of Gov. Chris Christie’s administration, the New Jersey Office of Public Finance wrote in a report published Friday.

Bonded debt rose from $41.5 billion to $41.8 billion from June 30, 2013 to June 30, 2014. Non-bonded obligations, including the state’s public pension system, ballooned by $4.8 billion.

Treasury spokesman Joseph Perone said that despite agreements to reform the pension system, the benefits “continue to be unsustainable.”

Christie and the Legislature agreed to benefits payments in 2011, but a funding gap last year resulted in Christie’s slashing payments. The governor will deliver his budget address to lawmakers on Feb. 24.