News Flash Home
The original item was published from 6/18/2019 2:43:15 PM to 1/19/2020 12:00:01 AM.

News Flash

Budgeting

Posted on: June 18, 2019

[ARCHIVED] Legislature Introduces FY 2020 Budget Bills

Yesterday in Trenton, the State Senate and the General Assembly introduced and advanced identical bills that would authorize State appropriations for the 2020 Fiscal Year that begins on July 1. S-2020/A-5600 would appropriate $38.7 billion. The bill assumes strong corporate and sales tax receipts. It also assumes that many of the Governor’s proposed revenue enhancements will not be implemented.

The bills would add important funding for a number of programs in individual municipalities. They also include increased Transitional Aid monies (A total of $114.5 million would be available.) and $48 million for a new ‘Shared Services and School District Consolidation Study and Implementation Grant’ program. The bill would increase funding for the State’s ‘Complete Count Commission’ to strengthen support for the 2020 Census.

The budget bills accept the Administration’s proposed diversion of Energy Tax Receipts (ETR) ‘lockbox’ revenues. Until last year, the ETR had always been funded through taxes (Sales and Corporate) levied on energy supplying utilities. Instead, the upcoming budget would again deliver level ETR, as well as CMPTRA funding, with Income Tax dollars.

We expect both Houses to pass an FY 2020 Appropriations bill on Thursday. We will continue our analysis and keep you advised on the bill and the Governor’s response.

Contact: Jon Moran, Senior Legislative Analyst, jmoran@njlm.org, 609-695-3481 x121.

Facebook Twitter Email

Other News in Budgeting

FY2023 Federal Omnibus Budget Passed

Posted on: January 9, 2023

SHBP Update: No Relief In New Year

Posted on: December 30, 2022

Federal Budget Update

Posted on: December 23, 2022

Energy Tax Receipt Funding Update

Posted on: June 29, 2022

FY2023 Budget Update

Posted on: June 29, 2022

FY 2023 Budget Hearings Continue

Posted on: April 22, 2022

FY 2021 State Budget-Municipal Interest

Posted on: February 24, 2021