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Murphy S Final Nj Budget 67 Higher Than When He Started

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murphy s final nj budget 67 higher than when he started

TRENTON — Gov. Phil Murphy unveiled the final budget of his two terms in office Tuesday, a nearly $58.1 billion proposal that includes more money for schools and public transit but could be upended by uncertainty over... Murphy unveiled the budget during a speech to a joint session of the Democratic-led Legislature as he enters his final year in office. Primary campaigns to succeed him are already underway. The governor cast the spending plan as the fulfillment of campaign promises, such as fully funding the state worker pension and consistently boosting K-12 spending, along with carving out new tax dollars for long... “Though we have come far in this journey, let me be absolutely clear: We have not reached the finish line yet,” Murphy said.

Citing what he called “the noise of chaos and confusion in Washington,” he pledged to set aside more than $6 billion in surplus to guard against “unforeseen challenges.” “We're not done yet, and over the next year our absolute top priority — as it has been since Day 1 — is delivering economic security,” Murphy said. Legislature approves raft of tax increases to help fund record-high spending John Reitmeyer, Bobby Brier | June 30, 2025 | Budget Gov. Phil Murphy enacted a new batch of tax hikes and state government’s largest ever annual budget late Monday, capping off a whirlwind of activity on the last day of the fiscal year.

Murphy’s adoption of a fiscal year 2026 spending bill, as well as the tax hikes, which include higher levies for online gambling and online sports betting, sales of cigarettes and liquid nicotine, and high-dollar... With the term-limited Democrat due to leave office early next year, the budget for the fiscal year that began Tuesday represents the final spending plan to be adopted during Murphy’s tenure. Gov. Phil Murphy on Tuesday released his final state budget proposal, calling for New Jersey’s government to spend a record $58.1 billion, including preserving property-tax relief and continuing full public-worker pensions payments but also seeking... Murphy’s proposal, for the 2026 fiscal year that begins July 1, would spend $1.2 billion more in taxpayer funds than it is projected to take in. That’s compared to the $2.2 billion “structural deficit” in the $56.6 billion budget Murphy signed last year.

Sources also told NJ Advance Media the state faced a roughly $3.7 billion deficit a few weeks ago. Since then, leaders closed part of the gap by cutting $2 billion in spending, including $800 million in grants lawmakers add at the last minute in June and imposing new taxes and fees. In addition, the state has enjoyed a bigger-than-anticipated boost in income tax collections, officials say. “Though the budget I present to you today is the final budget of our administration, it is one that reflects our ongoing — and unrelenting — commitment to building a state that is stronger,... The spending plan includes a $6.3 billion surplus to ensure the next governor will inherit one that will be more than 15 times greater than Murphy got when he took office in 2018. The governor signed the $58.8 billion budget minutes before the deadline

By Zach Blackburn, July 01 2025 12:24 am Gov. Phil Murphy signed the final budget of his tenure into law Monday night, a $58.8 billion piece of legislation that he said will further strengthen the state’s fiscal standing and improve affordability. In a press release after midnight, the governor’s office said the budget provided the highest level of school funding in history and highlighted that this is the fifth consecutive budget to fully fund the... “This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans,” Murphy said in a press release. “Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship.

I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family. With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home.” NEW JERSEY — Amid concerns about a growing deficit and a loss of federal aid under President Trump's administration, Gov. Phil Murphy delivered his final budget proposal in front of a joint session of the state Legislature on Tuesday. Murphy said the record $58.1 billion budget reflects his administration's "ongoing and unrelenting commitment to building a New Jersey that is stronger, fairer, and more prepared for the future." Here are five takeaways from Murphy's address, where he outlined spending priorities for Fiscal Year 2026:

The budget includes nearly $4.3 billion for the ANCHOR, Senior Freeze, and Stay NJ property tax relief programs as well as tax credits for working and middle-class families, Murphy said. Funding for ANCHOR, which replaced the Homestead Benefit, will make up $2.4 billion as the popular program enters its fourth year. More than two million homeowners and renters are expected to get a benefit in 2026, Murphy said. Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025.

- PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE Murphy signs $58.8B NJ budget with tax hikes, relief aid Gov. Phil Murphy delivered his Fiscal Year 2026 Budget Address in the general assembly chambers of the State House on Feb. 25, 2025. - PROVIDED BY RICH HUNDLEY III/NJ GOVERNORS OFFICE

Gov. Phil Murphy signed a record $58.8 billion fiscal year 2026 budget bill into law late Monday night — his final budget as governor of the great Garden State. Earlier Monday, the full Senate and Assembly passed the spending plan. As NJBIZ has reported, the budget bill (Senate Bill 2026/Assembly Bill 5800) cleared committees late last Friday night. Gov. Phil Murphy signed his final state budget Monday night, a record $58.8 billion, for the fiscal year 2026.

Murphy inked the budget after the state Assembly passed the legislation with a 52-27 vote Monday afternoon. The state Senate had passed the measure 26-13 earlier in the day. The legislation vote tracked near party lines. Murphy said the bill strengthens the state’s fiscal position, provides the highest level of school funding in state history and fully finances the state’s pension system. “This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans,” Murphy said in a press release. “Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship.

I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family.” The budget calls for $1.2 billion in tax/fee increases in gaming, tobacco, and pricier real estate, and the roughly $58.8 billion budget includes pension, school and tax relief. Online gambling and sports betting will also see tax hikes to 19.75 percent, from 15 and 13 percent respectively. Budget Builds on Governor Murphy’s Historic Record of Fiscal Responsibility – With a $6.7 Billion Surplus to Help Weather Future Financial Challenges Compared to Just $409 Million Surplus Inherited in 2018Budget Provides An All-Time... TRENTON – Governor Phil Murphy today signed into law the Fiscal Year 2026 Appropriations Act, marking a culmination of the Murphy Administration’s longstanding commitment to fiscal responsibility, affordability, and opportunity. Over nine budgets spanning nearly eight years in office, Governor Murphy has presided over sustained economic growth while making long overdue investments in addressing the needs of working New Jerseyans, from property tax relief,...

The budget includes an all-time high level of direct property tax relief for homeowners and renters, yields the highest level of school funding in history, and delivers a fifth consecutive full pension payment. It also prioritizes quality health services for women and families, and it invests in beginning to fully modernize NJ TRANSIT’s fleet. Upon taking office, Governor Murphy inherited a $409 million surplus from his predecessor. Eight years later, the Governor will leave his successor with a surplus 16 times greater than that amount—$6.7 billion.“This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans,” said... “Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship. I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family.

With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home.”“The budget upholds our... “Over the past seven and a half years, we have made historic strides in making our state more affordable for hardworking residents and families through expanded tax relief and major investments in affordable housing,... This state budget is a direct result of the strong collaboration between Governor Murphy, Treasurer Muoio, and legislative leadership.” “This budget is the culmination of a nearly eight-year effort to improve conditions for all... “As always, this budget could not have been completed without the hard work of my staff at the Department of the Treasury and particularly the folks at the Office of Management and Budget and... I want to thank all of them for their tireless work, dedication, and exemplary professionalism over the past seven and a half years.”“This is a fiscally responsible budget that puts New Jersey families first. At a time when working people are being left behind by misguided decisions in Washington, we’re making smart, strategic investments that deliver meaningful support, especially through historic property tax reductions, strong funding for public...

Teresa Ruiz and Senator Paul Sarlo, Chair of the Senate Budget Committee. “We’re grateful to Governor Murphy and our colleagues in the Legislature for coming together to enact a disciplined, forward-looking budget that safeguards essential services, expands opportunity, and reinforces New Jersey’s long-term fiscal strength.”Fiscal ResponsibilityThe... This year’s $7.2 billion payment marks the fifth year in a row Governor Murphy has fully funded the systems. Total pension contributions by the Murphy Administration are on track to exceed $47 billion – nearly four times the $12.2 billion in total contributions of the previous six governors combined. With an eye toward ensuring New Jersey remains prepared for the future, this budget provides a surplus of $6.7 billion, more than ten times larger than the average surplus under the previous administration.Additionally, the... The budget also includes several tax policy changes, including increases for the highest tier of realty transfer fees, sports betting, and cigarettes and vaping, as well as a new exemption for small business investment...

The budget also continues the Senior Freeze program, with a $239 million allocation to benefit more than 235,000 taxpayers.The budget also includes additional funding for the landmark Stay NJ program, allocating $600 million in... Stay NJ is expected to launch for the 2025 tax season and will reimburse eligible seniors for up to 50 percent of their property tax bills.Continuing the focus on making the state more affordable... The tax relief included in this budget brings the total relief provided by the Murphy Administration and our partners in the Legislature to more than double any prior administration.Continuing efforts to provide quality health... Supporting the Next Generation of New JerseyansLast year, Governor Murphy became the first Governor to fully fund the K-12 school funding formula. This budget builds on that commitment, providing record-high school funding in FY2026. The budget includes a record $12.1 billion for K-12 schools, a nearly $4 billion increase since FY2018.

This budget also addresses feedback from school districts by capping losses in major school aid categories and reducing input volatility, ensuring no district sees a steep reduction in aid from one year to the... A district’s K-12 State aid will not decrease by an amount greater than 3% of the prior year’s State aid in the four primary categories: equalization, special education, security, and transportation.The budget also proposes... Continuing the push for universal pre-school throughout New Jersey, the FY2026 budget proposes $1.27 billion for Preschool Education Aid. Since 2018, the Murphy Administration has expanded pre-K to 229 school districts and created nearly 20,000 new seats.Building New Jersey’s FutureIn an effort to fortify our transportation infrastructure, this budget includes $1.23 billion for... This totals $932.9 million, a nearly 50% increase over the $629.6 million in funding provided in FY2018.The budget agreement also provides for $250 million in bonding for capital grants to higher education institutions. This builds on the $400 million in capital grants announced in 2023.The budget also sets aside $222 million from the Debt Defeasance and Prevention Fund for a critical investment in the construction of a...

An additional one-page policy summary on the central commitments of the FY2026 budget can be found online here. Governor Murphy signed the Appropriations Act into law today:S-2026/A-5800 (Sarlo/Pintor Marin, Park) – w/LINE ITEM Appropriates $58,782,119,000 in State funds and $31,007,261,743 in federal funds for the State budget for fiscal year 2026Line Item... S-4620/A-5879 (McKnight, Mukherji/McCann Stamato) - Amends Fiscal Year 2025 annual appropriations act to assign distribution of Old Courthouse asbestos remediation funding from Hudson County to Jersey City S-2788wGR/A-4569 (Cruz-Perez, Turner/Freiman, Katz, Simmons) - Appropriates $128.241 million from constitutionally dedicated CBT revenues to State Agriculture Development Committee for farmland preservation purposesA-5100/S-3991 (Rodriguez/Stack) - Re-appropriates unexpended balance of FY 2024 appropriation for Town... Bucco/Schnall, Inganamort) - Provides for publication of required legal notices on government Internet websites and through certain online news publicationsA-5801/S-4692 (Freiman/Sarlo) - Appropriates $247,128,000 from “New Jersey Debt Defeasance and Prevention Fund”; establishes process... Governor Phil Murphy proposed a $58.1 billion state budget on Tuesday, calling for increased spending on K-12 education, public transit, and property-tax relief while seeking $1.2 billion in new taxes and fees.

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