06/29/2021
Fiscally Responsible Plan includes a Record Pension Payment, Sizable Surplus, Substantial Debt Reduction, and Long-Term Economic Investments
Budget Makes New Jersey More Affordable by Delivering Historic Levels of School Funding, Substantial Tax Relief, and Aid to Small Businesses
WOODBRIDGE – Governor Phil Murphy signed the Fiscal Year 2022 (FY 2022) Appropriations Act into law today, working in partnership with the Legislature to develop a responsible and bold budget that meets the State’s current and future obligations, makes New Jersey more affordable for working and middle-class families, provides record investments in education, supports an inclusive pandemic recovery, and invests in small businesses and long-term economic growth.
“This year’s budget represents the culmination of a four-year journey to fix many longstanding problems in New Jersey,” said Governor Murphy. “This is a budget that invests in our middle-class and working families – supporting both those building their families and careers and those who are living out their richly-deserved retirements. It also puts a world-class education within reach for all while tackling our age-old property tax problem – ensuring a stronger, fairer, and healthier future for the generation born and reared in the shadow of an unprecedented pandemic.”
“Together, we are providing broad and equitable pre-K through higher education opportunities for more of our students, making sure every child in New Jersey has health care, delivering substantial tax relief to working and middle-class families, investing real dollars to make the dream of homeownership an affordable reality, helping seniors remain in their communities long into their golden years, and providing hundreds of millions in relief for small businesses,” continued Governor Murphy. “This budget also places a premium on fiscal responsibility – making good on our promise to public employees by providing above and beyond the full pension payment for the first time in a quarter of a century, responsibly setting aside funds to repay debt, and making New Jersey more resilient to weather future health emergencies.”