New Jersey

New Jersey

Budget Cycle
Annual  
Governor Submits Budget
February (4th Tuesday)
Fiscal Year Begins
July 1 
Governor Signs Budget 
By June 30

Budget Links 

FY2023 (enacted)
FY2023 (proposed)
FY2022 (enacted)
FY2021 (enacted)
FY2020 (enacted)
FY2019 (enacted)
FY2018 (enacted)

Proposed Budget - Fiscal Year 2023

On March 8, New Jersey Governor Phil Murphy released his fiscal 2023 budget proposal that calls for $48.9 billion budget in total appropriations, reflecting an increase of about 0.6 percent over fiscal 2022 adjusted amounts. Fiscal 2023 revenues are anticipated to be $47.2 billion, representing growth of 0.7 percent, or more than $330 million, over revised fiscal 2022 figures. The proposed budget would maintain a $4.2 billion surplus and would use $1.3 billion to pay down debt and support capital projects on a pay-as-you-go basis to avoid new debt. Of the total budget, over 70 percent is in the form of grants-in-aid for property tax relief, social services, and higher education, as well as state aid to schools, community colleges, municipalities, and counties.


Proposed Budget Highlights 

Major priorities in the proposed fiscal 2023 budget include property tax relief, school funding, pension contributions, and affordable housing. Funding recommendations include: 

  • Approximately $900 million in direct property tax relief to nearly 1.8 million middle and working-class and senior households under the ANCHOR Property Tax Relief Program.
  • No new taxes or fees, and a year of fee holidays for drivers renewing their licenses, certain health care professionals applying for or renewing their licenses, couples getting married, and residents visiting state parks.
  • Increasing K-12 formula aid funding by $650 million and an additional $68 million for preschool education aid.
  • Making a full pension payment of $6.82 billion, and providing an additional $1.3 billion to reduce and avoid debt.
  • $305 million in American Rescue Plan Act (ARPA) funds to create the Affordable Housing Production Fund which will help create an estimated 3,300 new affordable housing units.
  • $430 million in funds for school construction, capital maintenance, and emergent needs.
  • Nearly $30 million investment to meet the Electric Vehicle Act’s mandate of a 100 percent electric state fleet by 2035.
  • Nearly $20 million in state and federal funds to implement the Statewide Universal Newborn Home Nurse Visitation program.
  • Adding $11 million on the "Cover All Kids" health care program to give access to uninsured children.

 

American Rescue Plan Act

The state received $6.2 billion from the ARPA’s State Fiscal Recovery Fund in 2021 and has allocated funds for over 20 multi-year programs including the Eviction Prevention Program, public health preparedness, extended special education, and small business assistance initiatives. The administration is implementing and planning for transformative, one-time investments in people, communities, and infrastructure for fiscal 2022 and fiscal 2023 and broadly expects to spend $2 billion on each of these overarching categories.