New Jersey Gov. Mikie Sherrill signed a $60.75 billion budget on Tuesday night (June 30), following passage by the state Legislature. During a press conference at the State House in Trenton, the governor said the fiscal year 2027 budget reflects her promise to make New Jersey more affordable.
“New Jersey is facing an affordability crisis,” Sherrill said.
The “affordability budget” targets the escalating costs of housing, property taxes, utilities, and healthcare, “while standing up to Trump’s chaos and cuts,” the governor said.
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“When I took office, I promised New Jersey families that affordability would be the north star of every decision we made. With the passage of our first budget, we are delivering on that promise,” Sherrill said.
Some of the budget includes:
● $12 billion in school aid
● $6 billion for public workers’ pensions
● $4.3 billion in property tax relief
● $1.1 billion in operating support for NJ Transit
● $2.1 billion for the State Transportation Capital Program
● $582 million for child care assistance
● $6.9 billion in state funding for NJ FamilyCare
● $35 million for homelessness response programs
● $11 million for the Bringing Veterans Home initiative
Senate Budget Chairman Paul Sarlo (D-36 Wood-Ridge) said despite deep cuts in federal aid, the fiscal year 2027 budget “will move New Jersey forward in the face of difficult fiscal conditions.”
He added, “We are making the best use of limited resources to address the priority needs of the state’s residents in a fiscally responsible way.”
