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Declining Tax Revenues, Rising Costs Complicate NJ Budget Calculations

February 26, 2024 |

Less than a year after enacting the largest budget in state history, Gov. Phil Murphy and lawmakers now face the challenge of trying to sustain such spending in the face of persistent inflation, high interest rates and other economic headwinds.

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NJ SEED: Prioritizing and funding a proposed FY 2025 state budget that exceeds $53 billion while meeting the needs of multiple constituencies will be a heavy lift for the legislature in light of sobering revenue forecasts.

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