CRANFORD, NJ — New Jersey’s $50.6 billion spending plan, which makes good on Democrats’ promises of affordability and property tax rebates for New Jerseyans, was signed into law on Thursday, June 30, by Gov. Phil Murphy.
Standing between the cookbook and medical technology sections of the Cranford High School library, Murphy espoused the virtues of the largest spending plan in New Jersey history.
“The priorities of this budget are the priorities of our families,” Murphy said. “And at the top of that list right now is affordability.”
The new budget, which was passed by the state legislature just one day before being signed by Murphy, includes the ANCHOR direct property tax relief program, which will provide homeowners a total of between $900 million and $2 billion in relief through refunds. Renters will also receive relief for the first time in history.
“This is real. It is substantive property tax relief that will effectively cut property taxes by 16 percent for the average homeowner and possibly even more for others, and undo years of property tax increase for all,” Murphy said. “This will roll the clock back to about 2011 levels. That has never ever happened in the state before.”
According to the budget, families making up to $150,000 will receive $1,500 in rebates from the program, families making more than $150,000 will receive $1,000 and renters who make up to $150,000 will receive $450.
Another $2.9 billion from the budget will be allocated to transit programs and school infrastructure, which have seen little funding in the last few years. Murphy said he wants to reverse decline in those areas, with “continued record-setting investments in our best-in-the-nation system of public education.”
Additional funding will be paid into the state’s public pension system, a move that Murphy said fulfills a promise to working class New Jerseyans and shows a dedication to their needs.
Despite being the largest budget ever passed in the state and containing several new programs, the budget still leaves behind a nearly $6 billion surplus, which the state will put into its coffers for use as needed during what is predicted to be an economic downturn. As well, the budget contains no new taxes or increases.
“Even as this budget invests in our year ahead and in the immediate affordability crisis that we face, it is also focused on ensuring that the New Jersey that we leave for our kids and grandkids is in better financial shape than it is now,” Murphy said. “And this is how we make New Jersey more affordable in the long term.”
Cranford, where the signing took place, will receive its own share of the budget, with funds allocated for flood mitigation. Last year saw record flooding in the area during Tropical Storm Ida, a disaster that left 29 people in the state dead and local homes destroyed.
Other towns and departments across Union County will also see some of the funds, with investments in capital projects across the area, as well as improvements to public transportation hubs such as Elizabeth Station.
The budget also makes strides to correct the growing mental health issue in the state. State Senate President Nicholas Scutari said that getting mental health initiatives into the budget was something he fought for with a passion and something he thinks will benefit all in the state.
“I’m most proud of the investment that the state is making in our mental health awareness campaign,” Scutari said. “This is a field that is in dire need of assistance. We need to provide services. We need to provide beds on demand. We need to provide things that people need, because these are emergency situations. This budget makes the single greatest investment in our mental health infrastructure in the history of New Jersey.”
Scutari referred to other programs within the budget intended to help everyday New Jerseyans, such as investments in affordable child care, universal prekindergarten, food security and more. Speaker of the state General Assembly Craig Coughlin echoed the enthusiasm of Scutari and Murphy, saying that this budget is the best the state has seen.
“I’m exceptionally proud of this budget,” Coughlin said. “ It really is as good a budget as you could have. It addresses all of the needs of the people of New Jersey. It gets to the very essence of the kitchen-table realities that impact folks day to day. This budget is an expression and reflection of our values. And what it says is that we put people first.”
With billions of dollars spent in aid of New Jerseyans, Murphy said he and his administration are hoping to reinvent New Jersey, creating a more economically sustainable place for all to live.
“We want New Jersey to be a place where our middle-class families can breathe a little easier and make ends meet,” Murphy said. “A place where our kids can dream of finding their place and raising their families. A place where our seniors can live out their golden years in dignity. A place where the American Dream is alive and well. In short, a state of opportunity.”
Photos Courtesy of Phil Murphy