Murphy’s Budget Relies on ‘One-Shot’ Revenue Sources for About 5% of Spending

March 28, 2022 | njspotlightnews.org

With tax collections reaching historic highs, Gov. Phil Murphy’s proposed budget would reduce the total amount of spending backed by one-time sources of revenue. Yet newly released budget details indicate it would still rely on a significant allocation from budget reserves to reach a balanced bottom line. NJ SEED: Economists usually recommend that one-shot revenues be used for one-shot issues and not to establish additional entitlements. The Murphy Administration asserts that reducing reliance on nonrecurring resources remains a goal.