On Jun. 30, NJ Governor Phil Murphy signed into law the Fiscal Year 2026 Appropriations Act. The move outlines his commitment to fiscal responsibility, affordability and opportunity. Throughout Gov. Murphy’s nearly eight years in office, NJ has seen sustainable economic growth and hopes to keep it that way.
The $58.78 billion Fiscal Year 2026 budget is the largest signed into law in NJ’s history. The new budget redirects roughly 75% of the budget back to the communities. This comes in the form of grants-in-aid for property tax relief, social services, higher education and State aid for schools, municipalities and counties.
“This budget exemplifies our dedication to fiscal responsibility, affordability, and opportunity for all New Jerseyans,” said Governor Murphy. “Over nearly eight years in office, we have maintained a steadfast commitment to building a stronger and fairer New Jersey and righting our fiscal ship. I’m proud that this budget caps off an eight-year journey to turn our state around and delivers greater economic security and opportunity to every family. With the help of our legislative partners, we are moving New Jersey toward a brighter future for every child, student, worker, parent, and senior citizen who calls our great state home.”
The budget is the last of Murphy’s tenure as the Governor of the Garden State, which began in 2018. It includes the highest level of school funding in history. The 12.1 billion allocated in the budget, is a nearly $4 billion increase since Fiscal Year 2018.
Another focus in the budget was NJ’s transportation infrastructure, with $1.23 billion for State and local highway projects, as well as bridge projects. $767 million was also given to help NJ Transit fully modernize its fleet.
“The budget upholds our administration’s promise to make sure that New Jersey remains the best state in the nation to live, work, raise a family, and retire,” said Lieutenant Governor Tahesha Way. “Over the past seven and a half years, we have made historic strides in making our state more affordable for hardworking residents and families through expanded tax relief and major investments in affordable housing, social services, and education. This state budget is a direct result of the strong collaboration between Governor Murphy, Treasurer Muoio, and legislative leadership.”
Nearly $1 billion was also put towards higher education in New Jersey, another significant increase. The improvement of funding shows Gov. Murphy’s dedication to improving the state of New Jersey as a whole.