Detailed Budget Book for Governor Murphy's Proposed FY2025 Budget Plan Now Available Online
TRENTON - State Treasurer Elizabeth Maher Muoio announced that Governor Murphy's Detailed Budget book for Fiscal Year 2025 is now available online through the Department of the Treasury's Office of Management and Budget website.
The book serves as a policy document, an operations guide, and a financial plan for the Governor's proposed $55.9 billion budget. This budget builds on the Administration’s commitment to ensuring that New Jersey remains the best place to raise a family by proposing investments targeted at expanding affordability, continuing fiscal responsibility, creating economic opportunities, and ensuring every New Jerseyan has a fair shot at a better future.
The FY2025 budget includes proposals to fully fund the formula for K-12 schools; create over 1,000 new pre-K seats on the road to universal preschool; make a full payment into the public pension system; and support the launch of RetireReady NJ, which will provide a new retirement option for private sector workers. It also includes the continuation of the extremely popular ANCHOR property tax relief initiative for homeowners and renters, and supports the recent expansion of the Senior Freeze program to reach 58,000 new households. It also provides a new, dedicated source of revenue to ensure that NJ TRANSIT can maintain service as ridership recovers from the pandemic.
The book also includes summaries of appropriations, revenues, expenditures, and fund balances, and detailed department-by-department appropriations data, as well as budget language recommendations.
The Budget in Brief , which has been available online since the Governor's Budget Address, serves as a more concise snapshot of the Governor's revenue and spending proposals.
Official Site of The State of New Jersey
