New Jersey Gov. Mikie Sherrill and Democratic legislative leaders say they have reached agreement on a $60.7 billion state budget, but with only days remaining before the constitutional deadline for passage, lawmakers from both parties say many of the plan’s details remain unavailable.
The Legislature must approve a spending plan by June 30 to keep state government operating when the new fiscal year begins July 1.
Sherrill, Senate President Nick Scutari and Assembly Speaker Craig Coughlin announced the agreement Tuesday, describing it as an “affordability budget” that cuts the state’s structural deficit while preserving property tax relief through the StayNJ program and expanding the Child Tax Credit.
The administration said the budget also continues pension funding, increases the state’s surplus and invests in programs intended to help residents manage rising costs.
StayNJ income limit reduced
One of the few specific changes disclosed involves StayNJ, the property tax relief program for senior homeowners.
Sherrill’s original budget proposal lowered the program’s income eligibility from $500,000 to $250,000 annually. Speaking with reporters Wednesday, she said negotiations with legislative leaders resulted in an additional reduction to $200,000.
Sherrill said the lower income threshold puts the program in “a better place than it was” and helps ensure its long-term sustainability.
Questions remain
Despite the agreement, many details of the budget have not yet been released publicly, including which programs were reduced or restored during negotiations.
Republican lawmakers criticized the process, arguing the budget has largely been negotiated behind closed doors.
“In a state of 9 million people, apparently, a deal has been cut for the budget that only three people have seen,” said Sen. Declan O’Scanlon Jr., the Republican budget officer. “No one else has seen it.”
Questions also remain about funding for NJ Transit, K-12 education aid, and other major spending priorities that were included in Sherrill’s March budget proposal but have not yet been detailed in the final agreement.
Senate Budget Committee Chairman Paul Sarlo said lawmakers are continuing to review the document, finalize language and make corrections before bringing it to the Assembly and Senate for votes.
“We do not want to come prematurely and pass a document that has potential mistakes in it,” Sarlo said. “Let’s take all the time we need to make sure we get it done right and correct.”
Budget deadline approaching
The Legislature has until June 30 to approve the budget before the start of the new fiscal year.
As of late this week, lawmakers had not indicated when the complete budget bill would be released publicly or scheduled for votes in either chamber.
