What Now?

On Tuesday, New Jersey voters approved $333.5 million in school construction. That spending is predicated upon Schools Construction Corp. (SCC) picking up $133.4 million of those costs (40%). The problem arises in that SCC has only $60 million dollars left.

Of course, the mismanagement of the $8.6 billion non-taxpayer approved project is well-documented.

What now? Municipalities have voter approval for projects. These projects rely on SCC. SCC does not have enough money to fund all the approved projects.

Be prepared, dear reader. These projects will be completed, I suspect. A one-time replenishment of SCC from the Codey administration with the promise that the state will need to re-visit how it funds construction in the state is the most likely scenario. That means the $8.6 billion will be increased.

$8.6 billion and the task was not completed. That is staggering. Absolutely astonishing.

One interesting thing which came from the referenda on Tuesday: only 55.1% of the projects were approved by the voters. There is no word whether or not Lower Cape May’s referendum for a new track passed or not (Hey, AC Press: time to report on Tuesday’s vote).

Also blogged on this date . . .

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