Charles Steindel, chief economist of the New Jersey Department of Treasury, has resigned from his post to pursue a college teaching position, according to a report this morning from Bloomberg News.
Bloomberg reports that Steindel, who joined the Treasury in 2010, informed Gov. Chris Christie’s administration months ago that he would be resigning at the end of August to accept a position as a resident scholar at Ramapo College in Mahwah.
The department has subsequently put out a job posting for Steindel’s position, which existed under a different title in prior administrations. The state is seeking applicants by a July 30 deadline, the report said.
According to Bloomberg, Steindel’s overly optimistic revenue projections in four out of the last five years have been off target by a total of $3.5 billion.
New Jersey faces a projected budget revenue shortfall of $1.7 billion in the current fiscal year alone.
The forecasts have been often cited in downgrades to the state’s debt by Wall Street credit rating agencies over the years.
Prior to his work in Trenton, Steindel served as a senior vice president at the Federal Reserve Bank of New York.