Tagged: Education

Governor Murphy Presents FY 2020 State Budget

Governor Murphy presented his proposed Fiscal Year (FY) 2020 Budget to a joint session of the New Jersey Legislature on March 5, 2019. His spending plan for the upcoming fiscal year totals $38.6 billion, which is a $1.3 billion increase from last year’s appropriations bill. The Governor’s budget message continued his theme of a “fairer and stronger economy” to make the middle class more secure. He highlighted the recent enactment of a $15 minimum wage, expansion of paid family leave, and the implementation of the state’s paid sick leave law. The Governor also continued his call for greater K-12 education funding and making community college tuition free. The Governor’s proposal for FY 2020, which he described as a “blueprint for the middle class,” is built upon four pillars: Realizing sustainable savings; Stabilizing revenues and increasing creditworthiness; Maintaining and growing investment in education, infrastructure, and innovation; and Addressing affordability. To accomplish these goals, the Governor proposed: Achieving $1.1 billion in savings from public employee health benefit reforms and other departmental savings identified by the Treasury; Increasing the State’s surplus to $1.2 billion; Funding the State’s pension system at $3.8 billion; Reducing the diversion of funds from dedicated sources like the Affordable...

Governor Christie Presents the FY 2018 Budget

Earlier this week, Governor Christie announced his final State Budget to a joint session of the Legislature. The Governor’s Fiscal Year 2018 budget of $35.5 billion represents a 2.6 percent increase from the prior year. It assumes annual growth in the State’s major tax revenues (gross income tax, sales tax, and corporate business tax) and also reallocates funding between programs. The highlights of the FY 2018 Budget include: $17.4 billion in school and local aid, representing almost half of all State spending; A $2.5 billion contribution to the State pension system, with payments occurring quarterly; Cuts to most Executive Departments including Agriculture, Community Affairs, Corrections, Environmental Protection, Labor, Law and Public Safety, Military and Veterans Affairs, Transportation, and Treasury; Funding increases to the Departments of Health and Human Services for the expansion of FamilyCare, opioid addiction treatment, and graduate medical education; $20 million appropriation for lead remediation assistance for low and moderate income households; Additional State health benefit reforms, saving the State $125 million in FY 2018; and A lump-sum contribution from the State Lottery system to the State’s pension system to reduce the existing unfunded liability. Governor Christie also proposed a supplemental appropriation in the current fiscal year of...