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New NJ Budget: Supporters, Critics Weigh Up Pluses and Minuses

July 1, 2024 |

 Credit: Image by Clker-Free-Vector-Images from Pixabay

New Jersey begins a new fiscal year with a record amount of funding allocated for K-12 public education and billions of dollars earmarked to offset the state’s highest-in-the-nation local property-tax bills. 

The record-high, nearly $57 billion spending plan formally signed into law by Gov. Phil Murphy on Friday night maintains full funding of state government’s public-worker pension obligations, and there’s also a new plan to prop up the finances of New Jersey’s faltering mass-transit agency.

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NJ SEED: The requisite balanced budget for FY 2025 that was signed into law prior to the July 1, deadline contains a “structural deficit” of over $2 billion that is to be made up by taking money from the Budget Reserve. This even after enacting an “excess profits tax” on the state’s most successful businesses. Cutting spending seldom gets serious consideration.

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