Governor Murphy Signs Fiscal Year 2024 Budget, Paving the Way for Affordability and Opportunity

Governor Phil Murphy signed the Fiscal Year 2024 Budget into Law on Friday, marking a significant milestone in New Jersey’s progress towards increased affordability, fiscal responsibility, and improved opportunities for all.

Governor Phil Murphy signed the Fiscal Year 2024 Budget into Law on Friday. (Photo: NJ Spotlight News)

Governor Murphy Signs Fiscal Year 2024 Budget

The Fiscal Year 2024 budget, approved by the Legislature earlier in the day, includes provisions for direct property tax relief, enhanced school funding, pension payments, investments in the economy, workforce development, and affordable housing,  a published news article reported.

During the signing ceremony of the Fiscal Year 2024 budget at the newly renovated New Jersey State House, Governor Murphy was joined by key legislative leaders and State Treasurer Elizabeth Maher Muoio.

The $54.5 billion budget for FY2024 includes a historic surplus of $8.3 billion, representing more than 15 percent of the budgeted appropriations and a substantial increase from the surplus inherited five years ago.

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Key Focuses of the Fiscal Year 2024 Budget

One of the key focuses of the Fiscal Year 2024 budget is increasing affordability for New Jersey residents.

It includes various tax cuts and property tax relief programs targeted at working and middle-class families, seniors, and renters. The Fiscal Year 2024 budget also expands eligibility for the Senior Freeze property tax relief program and increases access to senior prescription drug and hearing aid programs.

In terms of education, the Fiscal Year 2024 budget prioritizes funding for public schools, allocating a record $11 billion in direct K-12 aid, including additional funds for preschool education aid and stabilization aid for school districts.

The Fiscal Year 2024 budget also allocates funds to reduce debt and invest in important infrastructure projects while maintaining a balanced budget. The state’s commitment to fiscal responsibility has resulted in credit rating upgrades and saved taxpayers money.

The Fiscal Year 2024 budget further promotes economic growth by supporting business incentives, small businesses, workforce development, and the green economy.

The Fiscal Year 2024 budget addresses various social issues, including housing affordability, healthcare, mental health, and justice system reforms. It includes funds for affordable housing initiatives, hospital investments, mental health services, youth support programs, maternal and infant health, and legal defense services for residents of limited means.

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