By Richard Keevey, includes “Most people would say: “Of course New Jersey has a budget deficit and has had one for many years." Well — not quite true. The state has always had a balanced annual budget in accordance with generally accepted accounting standards. But, first a major disclaimer — I am not counting the pension funds — more on that issue later. Understanding deficits and debt can sometimes be confusing, especially when at times they are simply projections and not actual outcomes. …”