Statements on the passage of the budget

Governor Phil Murphy

“This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans.  Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship. I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family. With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home.”

Senate President Nicholas Scutari, Majority Leader Teresa Ruiz, and Budget and Appropriations Committee Chairman Paul Sarlo

“This budget is a fiscally responsible plan that upholds the core priorities of New Jersey’s working families as we confront challenging economic and fiscal conditions.

“At a time when Washington is attacking the most vulnerable and eliminating support for working people with a financially irresponsible plan that lavishes benefits on the wealthy and imposes record amounts of debt on future generations of Americans, we are acting to protect those in need, strengthen our economy, expand opportunities and make life more affordable for all New Jerseyans. The contrast in principles and priorities between Washington and New Jersey couldn’t be more pronounced.

“We are proud to deliver the largest property tax relief package in state history, a milestone investment that will ease the burden on homeowners and renters across the state. This budget continues to make significant investments in public schools, provides stable support for NJ Transit, and restores vital aid to our colleges and universities. While higher education is under assault at the federal level, New Jersey is stepping up, not stepping back, to invest in the future of our students and their families.

“Our commitment to long-term fiscal responsibility remains unwavering. This budget includes a full pension payment, maintains a robust surplus exceeding $6 billion to safeguard against economic volatility, and helps contain the state’s structural deficit.

“We acknowledge that difficult choices had to be made as we were unable to restore all the funds for the cuts that were made in the proposed budget. But these decisions were made with discipline, care, and a clear focus on protecting essential services and minimizing harm to vulnerable communities. This budget strikes a balance and serves as a foundation to advance our policy priorities. It is not the culmination of our efforts, but a launchpad for the work in front of us.

“As we look ahead, we do so with a realistic view of the challenges we face, including the potential loss of federal aid and persistent instability in Washington. Yet, even in the face of uncertainty, this budget keeps New Jersey on a path of progress, opportunity, and fiscal resilience. It ensures we can continue delivering real results for our residents now and into the future.”

Assembly Speaker Craig Coughlin

“The FY26 budget provides record property tax relief, invests in the future of our state, and does it all while holding the line on taxes for working-class families. The budget is putting more money back into people’s pockets than ever before by providing the largest property tax relief package in state history through Stay NJ, ANCHOR, and Senior Freeze. That’s on top of no utility rate increases for residents this summer. We’re also increasing investments in public school and higher education, as well as making a full pension payment for the fifth straight year, keeping our promise to hundreds of thousands of public workers and correcting years of underfunding that left the system in crisis.”

“Last week, we learned the State received $200 million in additional unanticipated revenue. And although I firmly believe New Jersey’s public worker health plans need significant reforms to control costs, the funds allow us the opportunity to find ways to reduce those costs, while treating workers fairly. To that end, the Assembly will hold hearings on public worker health benefits in July and monitor any potential premium increases and their impact on public plans. We remain committed to working with the workers, counties and municipalities to provide high quality, affordable health care and we believe there are other options to identify state savings.”

Lt. Governor Tahesha Way

“The budget upholds our administration’s promise to make sure that New Jersey remains the best state in the nation to live, work, raise a family, and retire.  Over the past seven and a half years, we have made historic strides in making our state more affordable for hardworking residents and families through expanded tax relief and major investments in affordable housing, social services, and education. This state budget is a direct result of the strong collaboration between Governor Murphy, Treasurer Muoio, and legislative leadership.”

State Treasurer Elizabeth Muoio

“This budget is the culmination of a nearly eight-year effort to improve conditions for all New Jerseyans, building a fiscally stronger state that is more affordable for all.  As always, this budget could not have been completed without the hard work of my staff at the Department of the Treasury and particularly the folks at the Office of Management and Budget and the Office of Revenue and Economic Analysis. I want to thank all of them for their tireless work, dedication, and exemplary professionalism over the past seven and a half years.”

Assembly Majority Leader Louis Greenwald

“Today’s vote to approve the new FY26 budget is a win for New Jersey residents. We’ve passed a fiscally responsible budget that delivers record property tax relief – more than 49% of the budget is dedicated to easing property tax burdens. This budget reflects our priority of making New Jersey more affordable for families, seniors, and young people just starting out. There are no broad-based tax increases on working families, and we’ve also worked to ensure residents will not pay higher utility costs this summer. We’ve made smart investments to better communities across our state. We’ve also invested in housing, healthcare, and education, as well as making a full pension payment again this year.

“We need to do all we can to help working families in New Jersey, which is why I don’t want to see hard-working men and women who dedicate their lives to serving us pay more for their health benefits if we can avoid it. After learning that the state received $200 million in additional unanticipated revenue, it’s clear that there is no immediate need to require state workers to pay more for their health benefits. I support Speaker Coughlin’s decision to hold hearings on public worker health benefits in July, so that we can address potential increases in health benefits premiums and identify opportunities for additional state savings that can be used to help cover health insurance costs.”

New Jersey Policy Perspective President Nicole Rodriguez

“This budget’s legacy depends on what happens in Washington. It represents a missed opportunity for the state to take bold, decisive action to protect its residents by raising revenue ahead of time to limit the damage of federal cuts.”