Governor Phil Murphy has unveiled a comprehensive $55.9 billion budget for fiscal year 2025 to cement New Jersey’s reputation as a family-friendly destination.
The budget, announced on Tuesday, February 27th, is designed to propel the state and its economy forward, with a pronounced emphasis on supporting its working families.
Governor Murphy, in a prelude to his budget presentation, articulated his vision for the budget as a catalyst for progress, stating, “Our budget proposal has been crafted to support the working people and families who keep our state and economy moving forward. And it will build upon our Administration’s commitments to lowering costs, creating opportunity, prioritizing safety, and above all, ensuring New Jersey remains the best place to raise a family.”
Murphy said his budget addresses the challenges families face, from the adversities Ukrainian families face to the financial challenges New Jersey families face on a monthly basis.
He shared his goal to enrich New Jersey taxpayers’ lives by reintroducing over $3.5 billion into their pockets, emphasizing a fiscal strategy that balances efficient spending with comprehensive support for those in need.
“At a time when those at the very top are doing better than ever, many of our families are struggling to afford the basic necessities,” Murphy remarked.
Central to Murphy’s fiscal strategy is a robust plan to enhance taxpayer savings, highlighted by a proposed $6.1 billion surplus.
This financial prudence enables a significant portion of the budget, nearly 74%, to be reinvested into communities through various aids and grants.
This includes substantial property tax relief, with over $3.5 billion earmarked for this purpose alone.
Explaining his efforts, the governor expressed his intention to put money “back in the pockets of New Jersey taxpayers.”
The budget contains the ANCHOR Property Tax Relief Program, a lifeline for over 1.9 million residents, providing $2.2 billion in relief in its most recent cycle.
The budget proposal also allocates $82.5 million to sustain and broaden eligibility for essential pharmaceutical assistance programs to alleviate the financial strain on New Jersey’s elderly and disabled communities.
The state’s budget proposal entails a $908 million boost in direct K-12 aid for public schools, totaling nearly $12 billion in investment for the next generation.
Murphy highlighted that the proposal aims to actualize universal pre-K in New Jersey by allocating an extra $124 million for pre-K education.
Of this amount, he emphasized that $20 million will be allocated to expand into new districts, creating over 1,000 new seats for children.
“Instead of feeding our kids, they want to get rid of child labor laws and put our kids to work. Well, we do things differently here in New Jersey. We are ridding hunger from the lunchrooms and putting more kids in our classrooms,” Murphy stated.
The budget seeks to establish a dedicated funding source for NJ TRANSIT, targeting the state’s wealthiest corporations to ensure sustainable and improved transit services. This initiative promises not to affect small and medium-sized businesses, reflecting a balanced approach to corporate taxation.
The comprehensive budget also includes a $7.16 billion pension fund payment and significant investments in state parks and veterans’ homes.
Murphy emphasized that the budget was crafted with the intention of advancing the state’s position as “the best place anywhere in America to raise a family.”
He noted, “We have crafted this year’s budget, letter-by-letter, line-by-line, to support the working families who have led New Jersey through hard times. With our budget, we will make life more affordable for more families.”
