Syndication: NorthJersey
TRENTON, N.J. (AP) — New Jersey Democratic Gov. Phil Murphy has proposed a $48.9 billion budget. It boosts K-12 funding, makes a full public pension payment for the second straight year, redistributes nearly $1 billion in property tax relief and raises overall spending by about 5% over last year’s plan. Murphy unveiled the proposal during a speech Tuesday in the Assembly chamber, the first time since 2020 and the COVID-19 pandemic. New Jersey’s rosy finances stem from better than expected sales and income tax collections and from climbing economic output, with the state’s gross domestic product rate outpacing the nation’s and neighboring states, according to the state treasurer’s office and federal data.
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