TRENTON, N.J. (KYW Newsradio) — New Jersey Gov. Phil Murphy delivered his budget address Tuesday afternoon and said the state is positioned to keep funding big promises while maintaining a $6 billion surplus.
Murphy says New Jersey is one of the best places on Earth to raise a family, and the 2025 fiscal budget will continue building on the progress his administration has made since he took office, which includes an unprecedented seven credit rating upgrades.
"We're proving that maintaining fiscal responsibility gives us greater leeway to meet our moral responsibilities," said the governor.
The nearly $56 billion budget adds new plans to help fund residents' retirements, continue the expansion of universal pre-K, increase affordable housing, fight food insecurity, and mark an additional $900 million for education.
"We will be the first administration in our state's history to fully fund New Jersey's school funding formula," Murphy said.
Murphy says large corporations will pay about $1 billion in new taxes to help fill the massive NJ Transit budget hole, while most small- or medium-sized businesses will see tax reductions.
"We will create a new generation of economic opportunities in the industries of the future. We will maintain fiscal responsibility, while staying true to our values, so New Jersey is prepared for the challenges of tomorrow. We will invest in the potential of every New Jerseyan, from our students to our senior citizens."
Murphy said the state will continue focusing on reproductive rights and adding funding to battle veteran homelessness and addiction while fully funding state education and pensions for the first time ever.
Republicans in Trenton say spending is out of control, and that the NJ Transit tax on large corporations will cause some businesses to think about relocation while those that stay will inevitably pass the bill on to consumers.
The final budget is due for a vote before the end of June. The vote has come down to the 11th hour in the last couple of years.
