(Bloomberg) -- New Jersey’s total debt climbed 6.5 percent to $84.9 billion in the last fiscal year, largely because of rising obligations for pensions and retiree benefits.
Bond debt increased less than 1 percent to $41.8 billion in the year ended June 30, according to an annual debt report released on Friday. Other obligations, which mostly consist of pensions and post-employment benefits, climbed 12.6 percent to $43 billion.
The report shows that for the first time, New Jersey’s non-bond obligations exceed its issued debt.
Governor Chris Christie, a Republican, has said his 2011 pensions and benefits overhaul didn’t go far enough to contain costs, and has called for more unspecified cuts. New Jersey’s swelling pension obligations have contributed to eight credit-rating downgrades under Christie, a record for a chief executive of the state.
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