“Stronger to come out of the pandemic with an economy that works for every New Jersey family. According to the Governor: I am proud to present my proposed budget for the State of New Jersey for fiscal 2019. The FY2022 budget proposal also increases total resources for NJ TRANSIT to $2.65 billion, nine percent over FY2021 and 15 percent over FY2019. The revised budget proposal also includes targeted growth to address long-standing disparities and ensure that the recovery includes all New Jerseyans. The New Jersey Legislature on Thursday approved a $32.7 billion state budget that relies on $4.5 billion in new borrowing and higher taxes on wealthy households and corporations to … Additionally, the proposed budget includes both new and increased investments for the Juvenile Justice Commission (JJC) and the Department of Corrections (DOC): For more information on the Governor’s proposed budget and policies, check out the Budget in Brief online. Expand the state investment in pre-K by $50 million, including $26 million for new programs. The state operates on an annual budget cycle. - Increase your productivity, customize your experience, and engage in information you care about. This is why our budget will continue to invest in making New Jersey more competitive for businesses. Phil Murphy a $32.7 billion spending plan on Thursday afternoon that includes tax increases on millionaires, certain corporations and health insurers, as … Please contact your General Assembly representatives in support of A-2991, which will be heard on Monday by the Assembly State and Local Government Committee. $100 million allocated from the recently passed Economic Recovery Act Main Street Recovery Finance program ($50 million is available in FY2021 and an additional $50 million is proposed for FY2022); $25 million for EDA’s lending programs such as Premier Lender and Microbusinesses; $20 million for the NJRA’s Urban Site Acquisition Fund and Redevelopment Investment Fund, the first State investment in the NJRA since 2002; $15 million for Permit Modernization across State departments and for local governments; $13.5 million for the Department of Transportation’s Local Aid and Economic Development Grants, including the Transit Village, Safe Streets to Transit, and Bikeways programs; $10 million for EDA’s Black and Latinx Seed Fund initiative; $6.5 million for DCA’s Neighborhood Preservation Program and Main Street New Jersey, allowing each to expand to significantly more communities; $5 million for the Department of State’s Business Marketing Initiative; $3.2 million for the Commission on Science, Innovation and Technology; $500,000 to double funding for EDA’s Small Businesses Bonding Readiness Assistance program. The budget: The Governor’s revised budget also proposes to borrow $4 billion to help address the massive economic fallout created by COVID-19 and better position the state to weather any future health and economic uncertainties. The theme is "Stronger, Fairer, and More Resilient: Building New Jersey's Post-COVID Future". The millionaires tax has been reinstated in New Jersey for the first time in a … Investing an additional $25 million in NJ Health Plan Savings subsidies; Launching the "Cover All Kids" initiative with the ultimate goal of ensuring affordable, accessible health coverage is available to nearly 88,000 children without coverage; Raising the income threshold by $10,000 for the Pharmaceutical Assistance for the Aged and Disabled and Senior Gold programs, which will benefit over 20,000 seniors; $19 million to support the new Reproductive Health Care Fund, which will cover costs for contraceptive, prenatal, labor, and delivery care for those without access to medical assistance; $19.5 million for Family Planning Services, bringing the total the Governor will have provided over four years to nearly $74 million, after years of defunding by the prior administration; $8.5 million to expand Medicaid coverage for 365 days postpartum and $2 million to create a new pilot program to support rental assistance for expecting mothers, both of which will advance the First Lady’s Nurture NJ initiative; and. New Jersey State House, Trenton. As a result of last year’s millionaires tax enactment, the proposed FY2022 budget includes $319 million in direct tax relief for middle-class families, which will provide up to a $500 rebate to over 760,000 couples and individuals with qualified dependents. 2. The proposed budget also continues to build on the progress the Murphy Administration has made to address the inequities in New Jersey’s criminal justice system by including funding to help lessen the burden on individuals seeking expungement of criminal records; equip local police officers with body-worn cameras; develop software to make law enforcement forfeiture actions more transparent; allow incarcerated individuals placed in isolated confinement to undergo daily examinations by health professionals; and support implementation of the “Earn Your Way Out” law. Here's What Proposed NJ Budget Means For Newark School Aid - Newark, NJ - Gov. Revised FY 2021 Budget Address, August 25, 2020, Local Finance Board Oks DLGS 2021 Budget Calendar Year Extension, Property Tax Relief Bill Hearing on Monday. $20 million for the Housing and Mortgage Finance Agency’s Down Payment Assistance program, providing nearly 2,000 mortgages for first time homebuyers. at least $2 million in support for a new career training program at JJC and an apprenticeship program and other career services for DOC inmates. The Assembly Budget Committee’s hearings on individual departments of State government and the presentations of State revenues and economic conditions by the Office of Legislative Services and the New Jersey Treasurer will be scheduled for after the public hearings, Assemblywoman Pintor Marin said. The State has been on a 1/10 ramp up plan as it works its way up to meeting the full pension contribution and was initially slated to contribute 90 percent of the full contribution this year. Phil Murphy signed a $32.7 billion budget plan Tuesday. The budget also includes $1.25 billion in funding to support various property tax relief programs. Additionally, it includes funding to: The proposed budget also includes a new multi-departmental economic growth initiative that will boost economic recovery in New Jersey communities, provide access to capital for minority-owned businesses, and help government support sustainable economic growth. New Jersey Gov. It does not impose new burdens on Medicaid recipients or curb the Child and Dependent Care Tax Credit (CDCTC). How can state budget planners be more than $1 billion apart? Increasing aid to community colleges by $5 million, aligned with an outcomes-based framework. Phil Murphy now has a stopgap budget that spends $7.7 billion between now and the end of September to ensure the state … Our problems weren’t created overnight and, frankly, they won’t be fixed overnight. This roughly $200 million investment initiative includes: The proposed FY2022 budget furthers the Governor’s historic commitment to education by increasing formula aid by $578 million. Phil Murphy signed the state's nine-month budget into law on Tuesday. NEW JERSEY — Gov. The Governor’s budget recognizes those impacts and protects core programs to aid those communities in their recovery. Phil Murphy delivers his pre-taped budget message. The New Jersey budget funds programs and services that directly benefit the lives of all 8.9 million residents across the state. The COVID-19 pandemic has disproportionately impacted low-income communities and communities of color. 6. Governor Murphy on Tuesday unveiled a $44.8 billion budget proposal for next fiscal year that will help New Jersey build back from the pandemic while moving our state forward. The Governor knows that we must prepare for adverse events and avoid annual shortfalls to be a fiscally healthy state. The Local Finance Board approved the proposed Division of Local Government Services 2021 Calendar Year (CY) Budget extensions. $5 million to improve internet infrastructure for DOC’s incarcerated population to access education, employment, and legal materials; $4.2 million more for county Youth Services Commissions to reduce juvenile delinquency; $3 million to help fund non-profits that facilitate re-entry; $2.25 million for the Scholarship and Transformative Education in Prison Program; and. -Read Full Dislaimer, Proposal Includes First Full Pension Payment in More than 25 Years, Highest Level of School Funding Ever, Robust Tax Relief, and a $200 Million Small Business Relief Initiative. Through the budget, the state provides aid to 1.37 million students in 584 operating school districts [i] and supports over 300,000 college students attending New Jersey’s 30 public universities and colleges. New Jersey legislators sent Gov. Fairer to help families and small businesses hit hard and left behind in the pandemic's brutal wake. Promoting Responsible Budgeting: This budget furthers New Jersey’s efforts to build a responsible surplus. Phil Murphy now has a stopgap budget that spends $7.7 billion between now and the end of September to ensure the state can operate after tax collections dropped and unemployment soared. The user is on notice that neither the State of NJ site nor its operators review any of the services, information and/or content from anything that may be linked to the State of NJ site for any reason. The Governor’s decision to make a 100 percent contribution a year early will substantially reduce the State’s obligation in the coming years, saving taxpayers $861 million over the next 30 years. Create an Account - Increase your productivity, customize your experience, and engage in information you care about. But I know that brighter days lay ahead.”. As a result, the revised budget unveiled today addresses spending for only the nine-month period from October 1, 2020 through June 30, 2021. Revenue projections have improved in part due to record high stock markets, federal stimulus that directly aided individuals and businesses, as well as what economists describe as a K-shaped recession, which has seen middle and high-income households recover more quickly while low-income households have continued to struggle. The proposed FY2022 budget makes good on the Governor’s promise to public employees by including an additional $1.6 billion to meet the goal of contributing 100 percent of the Actuarially Determined Contribution (ADC) to New Jersey’s pension system a year earlier than initially planned.