On Tuesday, February 27, Governor Murphy delivered his seventh budget address, proposing a $55.9 billion budget for FY2025. In his address to the Legislature and attendees, the Governor outlined a comprehensive plan to bolster the state’s infrastructure in education, property tax relief, and public transportation, with an emphasis on fiscal discipline.
The proposed budget includes a decrease in municipal aid to $1.635 billion, a reduction of $134.3 million from FY2024, the previous year’s $150 million Municipal Relief Aid was not included. The proposed budget also outlines a total investment of $57 million for housing initiatives, including a $10 million allocation designed to incentivize municipalities to establish new Accessory Dwelling Units (ADUs).
For more information on the budget proposal, please see our recent blog post.
Contact: Andrew LaFevre, Legislative Analyst, alafevre@njlm.org, 609-695-3481, x116.