On Tuesday June 22, the Assembly and Senate Budget Committees released A-5870/S-2022, which appropriates $46.3 billion in state funds and $21 billion in federal funds for New Jersey’s FY22 state budget. The Governor’s original proposed budget allocated $44.8 billion in state and federal funds. A-5870/S-2022 provides for an increase of $3.7 billion. Below is an overview of the budget for a full breakdown please see the FY 2022 Budget Scoresheet.
While there has been an increase in allocated funds, the Consolidated Municipal Property Tax Relief Aid (CMPTRA) and Energy Tax Receipts is proposed to remain flat at $1.4 billion.
Transitional Aid to Localities will receive $122.8 million. Trenton Capital City Aid will receive $10 million. Open Space Payments In lieu of Taxes (PILOT) will be allocated $6.5 million. The Highlands Protection Fund Aid $4.4 million. With the FY 2022 budget aid to municipalities being a flat amount from the FY 2021. We expect a vote on the budget this Thursday, June 24, 2021.
Contact: Andrew LaFevre, Legislative Analyst, email@example.com, 609-695-3481 x116.