Frequently Asked Questions
Where would I find information about New Jersey’s State Budget?
To navigate and find information that highlights the State Budget, see the Budget Publications link, which begins with the current fiscal year.
Who puts the Budget together?
What is GAAP?
With direction from the Governor, the annual budget for the State of New Jersey is the responsibility of the Office of Management and Budget (OMB). The OMB Director works closely with his/her staff as well as the fiscal staff in the various State agencies and departments to ensure that the State of New Jersey manages taxpayer resources wisely and efficiently.
What is the budget cycle timeline?
The planning, development, and implementation of the Budget is an on-going cycle. See the State Budget Process for further details.
What is the General Fund?
The funds into which all State revenues, not otherwise restricted by statute, are deposited and from which appropriations are made. The largest part of the total financial operations of the State is accounted for in the General Fund. Revenues received from taxes, except the Gross Income Tax, which is deposited in the Property Tax Relief Fund, most Federal revenue, and certain miscellaneous revenue items are recorded in the General Fund. The Appropriation Acts enacted by the Legislature provide the basic framework for the operation of the General Fund.
When is the State’s fiscal year?
The State of New Jersey’s fiscal year begins on July 1st and ends on June 30th of the following calendar year.
What if I want to make a recommendation regarding the Budget?
To make a Budget recommendation, contact your Senate and/or Assembly Representatives. A list can be found on the Legislative Directory.
What is GFOA?
The Government Finance Officers Association (GFOA) presents awards to distinguished governmental units who illustrate financial policies and best practices that closely align with its own missions and objectives. The State of New Jersey, a member organization of GFOA, prides itself in achieving the highest standards in government accounting and financial reporting. For more information about GFOA, click the link displayed on the OMB homepage in the bottom left corner or go directly to the GFOA website.
New Jersey’s Budget is prepared in accordance with generally-accepted accounting principles (GAAP) as it applies to fund financial statements prescribed by the Governmental Accounting Standards Board
(GASB), with certain exceptions. GAAP is the same basis used in preparation of the fund financial statements section of the State's audited Comprehensive Annual Financial Report.
Where do the State’s revenues come from?
The State’s anticipated revenue sources come from a variety of major State taxes, lottery and casino revenues, and special election funds. See the Resources and Recommendations section in the Detailed Budget of the most current fiscal year
What does the State spend its money on?
See the Summaries of Appropriations section of the Detailed Budget in the most current fiscal year available.
What is a Balanced Budget?
The State Budget must be balanced under the New Jersey Constitution, which requires that expenditures never exceed revenues. This ensures the financial stability and integrity of the State.
How does the Budget become enacted into law?
After the New Jersey Senate and General Assembly have passed the Appropriations Act, the Budget becomes law once it is signed by the Governor. As provided in Article V, Section 1 of the State Constitution, the Governor has the authority to object to, or veto, the entire Appropriations Act passed by the Legislature or only certain line items therein. The Governor must sign the Appropriations Act, reflecting any line item vetoes, before July 1st, when the fiscal year starts. A two-thirds majority of all members of both the General Assembly and Senate is required to override a veto.
How much is the State Budget?
For the most current information, please see the Summaries of Appropriations section in the Detailed Budget of the latest fiscal year available.
Where do I compare the State’s actual results to the Budget?
The Required Supplementary section of the State’s Comprehensive Annual Financial Report (CAFR) includes comparisons of audited actual results to the Budget for that year. Example
of the Fiscal Year 2014 comparison.
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