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| Affiliation | Democratic |
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| Name | John E. McCormac |
| Address |
Colonia (Woodbridge), New Jersey , United States |
| Email | John.McCormac@treas.state.nj.us |
| Website | [Link] |
| Born |
Unknown |
| Died |
Still Living
(2025 years) |
| Contributor | *crickets chirp* |
| Last Modifed | *crickets chirp*
Mar 12, 2004 05:48pm |
| Tags |
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| Info | In January of 2002, Governor James E. McGreevey appointed John E. McCormac as New Jersey's State Treasurer. With oversight of 12 divisions and 3,500 employees, Treasurer McCormac is responsible for the generation and collection of revenues as well as the distribution of appropriations that fund the operations of State government and support programs and services for New Jersey citizens. McCormac has drawn from his vast experience in budget preparation and public service and has implemented a doctrine of economic responsibility while guiding New Jersey through one of the most fiscally challenging periods in State history.
Since accepting his office, Treasurer McCormac has successfully closed State budget deficits totaling $14 billion through creative and sound proposals that have brought spending in line with revenues. He orchestrated the State's 2002 and 2003 securitizations of $3.1 billion in proceeds from the Master Settlement Agreement with national tobacco companies. Those transactions were among the most successful of their kind at a time when several states were going forward with similar initiatives. The Treasurer revamped New Jersey's Corporation Business Tax and facilitated a State savings of over $100 million through the consolidation and refinancing of various debt obligations. And he initiated an operational review of the state's pension fund investment practices to improve performance and benefit the more than 600,000 active and retired employees who participate in the system.
Governor McGreevey has made economic development a focal point of his administration, and, with guidance from Treasurer McCormac, he has remodeled and enhanced New Jersey's Business Employment Incentive Program (BEIP). The BEIP provides an incentive for companies to relocate to or expand in New Jersey by offering tax breaks that are tied to job creation. The program has recently widened in scope and now targets specific industries with strong growth potential in order to attract jobs to New Jersey and boost the State economy.
In perhaps his most gratifying work, Treasurer McCormac spearheaded an expansive revitalization effort in Camden, N.J., one of the nation's poorest cities. Camden's residents are beginning to benefit from $175 million in State-funded projects specifically designed to improve living conditions while spurring economic development and attracting jobs. As Chairman of Camden's Economic Recovery Board, McCormac helped negotiate an agreement that provides for the renovation and expansion the New Jersey State Aquarium as well as development of additional property along the City's waterfront. The State's investment in this project will leverage an additional $135 million in private investment that will create new housing, office space, and retail establishments.
Prior to joining the McGreevey Administration, McCormac had been the Acting Business Administrator for Woodbridge Township, where he was charged with oversight of day-to-day operations for New Jersey's sixth-largest municipality. McCormac also served as the Township's Chief Financial Officer from 1992 to 2002. During his tenure, Woodbridge constructed a state-of-the-art, 110,000-square-foot community center with financing derived from corporate gifts and user fees.
From 1988 to 2001, McCormac was the owner and manager of a small CPA firm, McCormac & Co., CPAs, which services clients in the fields of government, retail, contracting and professional services. Prior to that, he worked for Arthur Young & Co., CPAs, where he was Manager of Governmental Auditing and Consulting.
McCormac, who lives in the Colonia section of Woodbridge Township, is a Certified Public Accountant, a Certified Municipal Finance Officer, a Certified Management Accountant, a Registered Municipal Accountant, a Certified Financial Planner, a Licensed Public School Accountant and a Certified Government Financial Manager. He received his M.B.A. in Finance from St. John's University in 1984 and his B.A. in Accounting from the Newark College of Arts and Sciences of Rutgers University in 1980. McCormac has also been a member of Rutgers University's Accounting and Auditing adjunct faculty and was a teacher for Certified Government Finance Officer courses.
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