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Governor Murphy delivered his Budget Address on Tuesday, March 8th. The annual Budget Address highlights key funding priorities for the Administration in the upcoming Fiscal Year 2023 budget, which begins on July 1st, 2022. This year's budget marks a 5.3% increase over Fiscal Year 2022, and tax revenues were 10% more than previously expected, supplemented by federal pandemic relief and infrastructure funding. Notably, the Governor's spending proposal will include increased property tax relief for NJ families, the highest level of school funding in State history, the second consecutive full pension payment for the first time in more than a quarter century, and supporting significant investments in affordable housing, higher education, and economic growth with no additional taxes, maintaining a campaign promise from his most recent election.
The $48.93 billion spending plan will set the groundwork for this fiscal year's budget, although many details remain unknown including significant pandemic relief funds that remain uncommitted. More details will be made available throughout the departmental and agency hearings that the Legislature will hold in the coming months as they craft their budget in response. In NJ, the Governor retains the power to line item veto funding in the Legislature's budget and the final bill must be signed into law by June 30th at midnight to avoid a government shutdown.
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