TRENTON, N.J. (KYW Newsradio) — New Jersey Gov. Mikie Sherrill delivered her first budget address on Tuesday, announcing a nearly $61 billion spending plan.
Facing a $3 billion structural deficit, Sherrill warned that cuts would be needed. While this $60.7 billion budget is $2 billion more than last year’s, she said it reduces the structural deficit by $1.2 billion, maintaining a $5 billion surplus.
“This budget is a path to getting our fiscal path in order, and it’s a platform from which we’ll generate jobs and opportunity for the working families who sent us here to fight for them,” she said. “It’s time to close the deficit the right way, structurally, so we’re not just plugging new holes every year.”
The Stay NJ property tax rebate for seniors will remain in the budget, with a lower income threshold. Seniors earning below $250,000 a year will get rebates, rather than $500,000 per year as originally promised.
“That’s going to save taxpayers hundreds of millions of dollars per year,” said Sherrill.
Her budget also includes more money for education and closes some loopholes for corporate tax breaks. And, she said, no more add-ons or so-called “pork” — spending added at the last minute, something that has become customary in Trenton every June.
“That can’t keep happening,” she said. “We can’t afford the process anymore. It’s not accountable. It’s not efficient. It’s not what the people of New Jersey deserve.”
Lawmakers have until July 1 to pass the budget.