No Major Budget Changes Expected for Current Fiscal Year

May 18, 2023 | njspotlightnews.org

No major spending cuts or other drastic budget changes are looming in New Jersey despite a sizable outlook revision that has reduced state tax forecasts by more than $1 billion with only a few weeks left in the fiscal year.

That was the message delivered to lawmakers on Wednesday (5/17) by state Treasurer Elizabeth Maher Muoio as she detailed lower- than-expected April tax collections, but also ways a bolstered state budget surplus has prevented the need for “emergency budgetary actions.”

NJ SEED: State Treasurer Muoio assures legislators that the governor’s proposed budget is sound notwithstanding the forecast of more than $ 1 billion less in tax revenues for the next fiscal year. Could this mean no “Jersey Tax lightning” during this year’s post-election lame duck session?