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New Jersey Governor Phil Murphy has proposed a $58.1 billion budget for the fiscal year beginning July 1. The budget aims to curb discretionary spending while prioritizing critical infrastructure and long-term financial obligations. Key components of the proposal include increased funding for the state's public transit system and a $7.2 billion contribution to address underfunded pensions. Governor Murphy emphasized that the budget reflects his administration's ongoing commitment to economic security and opportunity for all New Jerseyans.
In a statement, Governor Murphy expressed, "With our Administration’s final budget proposal, we are going to run through the tape on building a New Jersey that is stronger, fairer, and more prepared to face the future." He highlighted the progress made over the past seven years and reiterated the focus on delivering economic security.
The budget address was delivered in the Assembly Chamber at the New Jersey State House on Tuesday (February 25). The event was open to the press, with limited space for media representatives. The address was also livestreamed on the Governor's official social media pages.