NJ Gov. Phil Murphy signed the state’s $54.3 billion budget which includes $1.2 billion in add-ons.
This budget is 7% higher than last year’s.
The bill, NJ A5669 (22R), cleared the NJ Assembly 51-27 and 25-12 in the NJ Senate.
Assembly members Don Guardian and Claire Swift joined Senator Vince Polistina and NJ Democrats in support of Murphy’s record-breaking budget.
Looks like everthing is bigger & better in NJ these days Including NJ State spending . GOOD or BAD ?
The 1997 NJ State budget was 15.9 billion dollars.
26 years later, if my math is correct, the budget has has increased around 70 percent to 54.3 billion.
What will the budget be in another 26 years?
Wow.
The cost of housing, property taxes, insurance, tolls, etc. continue to increase and are among the most expensive in the country.
Housing costs are even more expensive in the central and north parts of NJ.
One would think for 54 billion that property taxes would be lower.
US News and World Report ranks NJ 49th in fiscal stability.
SMH.
$54.3 billion is 242% more than $15.9 billion
How does NJ sustain this?
Keep increasing taxes and fees?
Taxes on new construction are far higher than existing homes. Case in point, the newer and much larger homes in Downbeach are taxed extremely heavily (as they should be) when compared with many of the older styles/sizes built 40-50 or more years ago. Taxes have also been much more well controlled on these older homes. There has been a construction boom in the state especially larger homes that is skewing overall totals heavily.
Good points.
But what about the NJ state budget being so large?