Murphy Proposes Record-High Budget — $1.8B More Than Projected Revenues

Gov. Phil Murphy is proposing another big increase in overall state spending to support bigger allocations to public education, mass transit and several other key items, all while maintaining significant funding for property-tax relief and public-worker pensions.

In all, Murphy’s proposed budget for the fiscal year that begins July 1 would increase annual spending to a record-high nearly $56 billion, a nearly 3% hike over the $54.3 billion budget enacted last summer, roughly in line with the pace of annual inflation.