26-02-2025
Here's what Gov. Murphy wants to spend on in his final New Jersey budget
TRENTON, N.J. (PIX11) — For one last time, Governor Phil Murphy delivers his budget address. He's proposing just over $58 billion for fiscal year 2026 to help schools, transit, and the next generation of New Jerseyans.
'Though we have come far in this journey, let me be absolutely clear: we have not reached the finish line yet,' Murphy said in Tuesday's address in Trenton.
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In his final budget, Murphy is proposing $28.5 billion to support direct and indirect property tax relief programs, including but not limited to ANCHOR, Fenior freeze, and StayNJ.
'Back in 2018, the average, eligible homeowner in New Jersey received $246 in property tax relief,' said Murphy. 'This year, that average tax relief payment will be over $1,500, a more than 500% increase in just seven years.'
His budget will introduce a new sales tax exemption for cribs and other critical baby supplies to help families. He's also proposing $815 million in funding from the Corporate Transit Fee for New Jersey Transit. The administration says the money will help to fully modernize the agency by replacing every outdated rail car and bus in the fleet.
He's also appropriating more than $22 billion to fund schools – $444 million more than the last budget – and will look to address school districts that were victim to cuts last year.
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'We are also going to reduce volatility in the school funding process by ensuring that no school district sees a steep reduction in state aid from one year to the next,' said Murphy.
In their response to the budget, Trenton Republicans hoped for tighter spending.
'This upcoming budget is anything but affordable,' said Asw. Nancy Munoz (R-NJ 17th District). 'We need to strip it down to the studs and rebuild with responsible spending and that's what we intend to do during the budget season.
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