Governor Phil Murphy delivered his sixth annual budget address on Tuesday, outlining a spending proposal for Fiscal Year 2024 (FY2024) that builds on the historic progress made over the last five years with new investments centered around expanding affordability, promoting fiscal responsibility, and creating world-class opportunities for everyone to succeed in the Next New Jersey. The Governor’s proposed budget continues to increase direct property tax relief to new heights; once again provides the highest level of school funding in history; delivers a third consecutive full pension payment; and supports significant investments in the economy, workforce development, and public safety.
“This is a budget focused on the pocketbooks of our families. For the third year in a row, it has no new taxes and more middle-class tax relief. It will help hardworking families by expanding free pre-K. It will lower prescription-drug costs for seniors. And, with this budget, we will have cut taxes for our working and middle-class families, and our seniors, a total of 18 times since we began working together in 2018,” said Governor Murphy. “This budget is purpose-built to help our residents find their place in the Next New Jersey by securing their place in the New Jersey of right now. This budget is also designed to build even greater confidence in our financial direction and in our ability to honestly meet our obligations.”
“This budget is built on a strong financial foundation that proves we can meet our obligations while preparing for the future,” continued Governor Murphy. “It will make the third consecutive full payment into our State pension funds. It will set aside more than $2.3 billion to either pay down existing debt or keep us from taking on new debt entirely. “And, it will better prepare New Jersey for any national or global economic uncertainty for the next year with a surplus of more than $10 billion.”
Governor Phil Murphy and Acting Education Commissioner Angelica Allen-McMillan visited Montgomery Upper Middle School to highlight the $20.5 billion in the Governor’s Fiscal Year 2024 budget proposal to support New Jersey schools. This funding will help grow New Jersey’s education workforce, support academic recovery, increase the availability of college-level courses in high schools, and advance the Governor’s goal of reaching universal pre-K.
The proposed budget will provide historic levels of School Aid, with an increase in $1 billion over the prior year for a total of $20.5 billion in school funding. This amount includes pre-K funding, pension and benefits funding for school staff, and an increase in $832 million in total K-12 formula aid. District allocations of state aid are available on the DOE’s School Finance webpage.
“My Administration remains committed to providing students throughout our state with the world-class education they deserve,” said Governor Phil Murphy. “Ensuring equitable access to high-quality education not only prepares our children for successful futures – it benefits us in the here and now. Investments in education represent investments in working families, school communities, and so much more. This year’s budget proposal demonstrates our ongoing commitment to working towards fully funding our schools, expanding pre-K throughout the state, growing our educator workforce, and promoting the success of our students.”
Governor Phil Murphy and Treasurer Elizabeth Maher Muoio announced that approximately 1.7 million New Jersey homeowners and renters applied for the first year of the State’s historic ANCHOR property tax relief program. Of the applications, more than 1.1 million were filed by homeowners and more than 480,000 were filed by renters, who were eligible for property tax relief for the first time in a generation.
“My Administration has once again responded to the concerns of hard-working families not by offering empty words and promises, but by delivering on the promise of affordability and real property tax relief,” said Governor Murphy. “Thanks to the historic and unprecedented ANCHOR program, almost 1.7 million more New Jerseyans are now better positioned to pursue their own American Dream, a pursuit that has been too often hindered by high costs of living and affordability constraints. As I indicated during my Budget Address yesterday, that number is merely the beginning and only motivates us to re-double our efforts to support hard-working families throughout the next fiscal year.”
“Since ANCHOR's launch in September we have prioritized ensuring every New Jersey taxpayer is aware of this program through print, television and billboard advertising, in-person outreach, and social media," said State Treasurer Maher Muoio. “The success of those efforts is evident in the huge number of eligible taxpayers who have applied. This is an enormous step in our continuing efforts to ensure New Jersey remains affordable for those who call our state home.”
Governor Phil Murphy applauded the Senate confirmations of Mayor Christian Bollwage, George Helmy, and Joseph Kelley to the Board of Commissioners of the Port Authority of New York and New Jersey. Their nominations were confirmed on Monday with unanimous support.
“Building on our world-class transportation infrastructure is critical to our economic growth and resilience as we shape the future of our region,” said Governor Murphy. “It is essential that these efforts are led by officials who will stand up for the interests of our state and our residents. These individuals have dedicated their professional lives to public service and bring decades of experience in urban policy, economic development, and large-scale infrastructure projects. I am confident that they will be assets to the board and the millions of people it serves."
The Port Authority Board of Commissioners establishes the policies of the Port Authority and is responsible for adopting strategic plans, capital plans, and budgets of the agency. The Port Authority of New York and New Jersey was the nation’s first bistate agency. The Governor of each state appoints six members of the agency’s Board of Commissioners, subject to approval by each state's Senate. Commissioners serve as public officials without compensation for six-year terms.
The New Jersey Department of Education (NJDOE) announced the launch of three critical initiatives designed to promote academic recovery and accelerate learning. The initiatives will focus on evidence-based strategies that can help schools close achievement gaps caused or exacerbated by COVID-19-related disruptions to the learning environment and the shift to remote instruction. These programs will prioritize elementary age students, consistent with evidence-based research demonstrating that elementary-age students experienced more significant developmental setbacks during the pandemic.
“As a state that prides itself on delivering the high-quality education our children deserve, addressing the effects of learning loss on our students’ progress remains a top priority,” said Governor Phil Murphy. “These programs are another component of our ongoing efforts to comprehensively address the mental, emotional, and educational needs of young people throughout our state. We will continue to take a holistic approach to supporting the academic success and overall well-being of New Jersey’s students.”
“The academic challenges facing New Jersey students reflect those faced by students throughout the nation as a result of the challenges posed by the COVID-19 pandemic,” said Dr. Angelica Allen-McMillan, Acting Commissioner of Education. “These High Impact Tutoring and RAPID educator training programs are strategies that will accelerate our students’ learning and help them achieve greater educational success as we move forward.”