Special Reserve Fund, Set Up to Ease NJ’s Bonded Debt, Runs Dry

August 11, 2025 | njspotlightnews.org

However, Department of the Treasury officials confirmed last week that all monies previously deposited into the debt relief fund “have now been fully allocated.”

That comes after Murphy and fellow Democrats who control both houses of the Legislature in recent years have also utilized this debt-relief account to plug holes in the state budget’s general fund.

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NJ SEED: For decades, the state has employed a variety of gimmicks to adopt a balanced budget. Some call it budget magic, others might characterize it as sleight-of-hand. Sooner or later, the piggy banks turn up empty.