News Flash

Budgeting

Posted on: June 24, 2019

FY 2020 Budget Bills Sent to Governor

As expected, the State Senate and the General Assembly have approved and sent to the Governor, a State spending plan for the 2020 Fiscal Year that begins on July 1. S-2020(A-5600) was approved in the State Senate with a vote of 31 – Yes, 6 – No, and 3 not voting. The Assembly vote was 53 – Yes, 23 – No, three not voting, and one abstention.

The bill assumes robust corporate and sales tax receipts. It also rejects many of the Governor’s proposed revenue enhancements. The Governor has indicated that he does not share the Legislature’s optimism for the sustainability of such strong sales and corporate tax growth rates. If the bill’s revenue projections cannot be certified, the Governor would need to recommend spending cuts, by using line-item vetoes.

We will keep you posted on further developments, paying particular attention to municipal priorities.

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


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