TRENTON, NJ – Governor Phil Murphy unveiled his seventh annual budget address, highlighting priorities for Fiscal Year 2025 aimed at solidifying New Jersey’s status as the premier location for families. Emphasizing affordability, fiscal prudence, economic growth, and equal opportunities, the proposed budget focuses on uplifting residents for a better tomorrow.
The budget prioritizes direct property tax relief, marking a historic increase, and allocates the highest-ever funding for schools, fully meeting the aid formula for the first time. Additionally, it commits to the fourth consecutive full pension payment and substantial investments in healthcare, safety, and economic prosperity for New Jerseyans.
“This budget continues the Governor’s commitment to making New Jersey an affordable place to work, raise a family and retire,” said New Jersey State Treasurer Elizabeth Maher Muoio. “We look forward to working with the Legislature in the months ahead to finalize a budget that builds on these priorities.
Governor Murphy asserted that the budget aims to enhance New Jersey’s reputation as an optimal environment for family life. By delivering unparalleled tax relief, reducing healthcare and housing expenses, and fostering opportunities in emerging sectors, the proposal seeks to make life more affordable and prosperous for residents.
New Jersey State Treasurer Elizabeth Maher Muoio affirmed the budget’s alignment with the Governor’s vision of affordability and prosperity for all. Collaboration with the Legislature is anticipated to refine the budget further in line with these objectives.
The proposed $55.9 billion spending plan includes a substantial $6.1 billion surplus, with approximately 74 percent of the budget earmarked for reinvestment in communities through property tax relief, social services, higher education, and state aid to various entities such as schools, municipalities, and counties.