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The NJ Treasury Department Recently Announced a $10 Billion

Budget Surplus for FY24. What will it be used for?

In February of this year, Governor Murphy unveiled his

outline of the budget for the state of NJ for FY24, which

includes a proposed $10.1 Billion surplus.


Governor Murphy's plan focuses the surplus on providing

financial relief to New Jerseyans, strengthening our educational institutions, and creating new opportunities for economic prosperity. This surplus has allowed the Governor to:

  • Continue to freeze NJ Transit prices

  • Give parents up to $1,000 tax credit for children

  • Expand the Senior Freeze program

  • Allocate $832 Million to fund primary education

  • Enact new teacher development programs

  • Provide grants-in-aid for property tax relief

  • Allocate $50 Million to growing NJ's green economy

  • Provide new training for law enforcement

  • Allocate $100 Million to rebuilding damaged boardwalks

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