3 articles · Updated · New Jersey Globe | New Jersey Politics · Jul 1
Summary
$60.743 billion in state spending was signed into law by Gov. Mikie Sherrill late Tuesday, locking in record funding for schools, property tax relief, health care, transportation and pensions without raising taxes on individual residents.
More than $6 billion in surplus and stronger-than-expected tax collections helped finance the plan, which state leaders said cuts New Jersey's structural deficit in half and fully funds a $7.3 billion pension payment.
The Legislature cleared the budget before the constitutional deadline, with the Assembly approving it 58-20 and the Senate 26-14; one Republican in each chamber joined Democrats.
Another $30.495 billion in federal aid brings the total operating budget above $91.2 billion, underscoring how heavily New Jersey still relies on Washington funding as officials brace for possible federal cutbacks.