Report: NJ’s Debt Grows By 3 percent To $38.1B

State officials say New Jersey’s bonded debt increased 3.1 percent to $38.1 billion during the fiscal year that ended in June.

That marks the slowest rate of increase in four years. But the report released Friday by the state Treasury Department also showed other forms of debt and long-term obligations — such as accumulated sick time, pension benefits and health benefit costs — rose 28 percent to $26.7 billion during that same period.

The annual state report calculates New Jersey’s aggregate bonded obligations — debt approved by voters, lawmakers and other state agencies that eventually may be repaid by taxpayers.

That debt increased by $1.15 billion during the fiscal year, which ran from July 1, 2010, to June 30, 2011.

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