On Monday, May 14, the Office of Legislative Services and the Department of Treasury provided a revenue update for the SFY2024 Budget before the Senate Budget and Appropriations Committee. The overall revenue forecast was reduced from the March projection by $503 million, a 1% decrease from SFY2024, resulting in an overall budget of approximately $52.3 billion in revenue for SFY2025.
Treasurer Muoio noted that the State could anticipate a low double-digit cost increase for the State Health Benefit Plan (SHBP). For more information, please see the League’s write-up on the potential SHBP increase.
These figures are based on the Governor’s proposal and may change based on public testimony, changes by the Legislature, and discussions with the Administration before its enactment by the end of June.
For more information on the budget, please see the League's write-up.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.