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Budgeting

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Posted on: June 24, 2021

State FY 22 Budget Introduced

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 $4...

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Budgeting
Posted on: April 30, 2021

New Jersey SFY 2022 Budget Update

Over the past month, State Fiscal Year (FY) 2022 budget hearings have continued to be held by the Legislature. The Governor’s proposed FY 2022 budget includes a full payment to the pension system, a flat increase from the FY 2021 budget to the State, and ...

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Budgeting
Posted on: February 24, 2021

FY 2021 State Budget-Municipal Interest

On Tuesday, February 23, Governor Murphy delivered the annual budget address. The Governor’s proposed $44.8 billion budget will guide the State’s spending through the next (FY 2022) fiscal year. While the full details of the Governor&a...

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Budgeting
Posted on: December 14, 2020

Local Finance Board Oks DLGS 2021 Budget Calendar Year Extension

On Wednesday, the Local Finance Board approved the proposed Division of Local Government Services 2021 Calendar Year (CY) Budget extensions. The revised CY 2019 Budget deadlines follow:

Mayor/Council Faulkner Act (Executive) budget transmission to the gove...

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Budgeting
Posted on: October 16, 2020

Property Tax Relief Bill Hearing on Monday

On Monday, the Assembly State and Local Government Committee will hear A-2991. This legislation will clarify the telecommunications industry's corporate tax responsibilities, and shield local taxpayers from the costs of endless tax court litigation.&n...

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Budgeting
Posted on: September 21, 2020

MIllioniares' Tax to Bolster State Budget

An agreement has been reached by Governor Phil Murphy and Legislative leaders on an income tax rate hike (from 8.97% to 10.75%) on earnings in excess of $1 million. The higher rate currently applies to income over $5 million. Announcing the agreement, Gov...

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Budgeting
Posted on: September 14, 2020

League Position on Governor's Budget Proposed Presented to Legislature

The League of Municipalities’ position on the Governor’s proposed FY 21 budget has been presented by League President Jim Perry and League Executive Director Mike Cerra to the members of both the Senate Budget and Appropriation Committ...

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Budgeting
Posted on: September 11, 2020

State Budget Deliberations Begin

Yesterday, both the Senate Budget and Appropriations Committee and the Assembly Budget Committee began their review of Governor Murphy’s proposed State Budget for FY ’21. That budget needs to be enacted by the end of this month, and it...

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Budgeting
Posted on: August 25, 2020

Proposed Budget Holds ETR/CMPTRA Level

Today, in Piscataway, Governor Murphy presented his revised budget proposal for State Fiscal Year 2021 (SFY ’21) to the Legislature and people of New Jersey. If adopted by the Legislature, as is, the budget would hold combined appropriations for...

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Budgeting
Posted on: August 9, 2020

DLGS Issues LFN on Enery Tax Receipt & CMPTRA Payment Program

The Division of Local Government Services issued Local Finance Notice 2020-17 summarizing the Energy Tax Receipt and CMPTRA payment program for CY 2020 and SFY 2020 extension budgets. The Energy Tax Receipt and CMPTRA August 1 installment payment was 45% ...

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Budgeting
Posted on: July 6, 2020

Interim State Budget Enacted

On Monday, the Legislature passed and the Governor signed the Supplemental Appropriations bill that will permit state spending to bridge the gap between the usual end of the Fiscal Year, on June 30, and this year’s final day, September 30.

This b...

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Budgeting
Posted on: June 26, 2020

Bridge Budget Bill Introduced

Because of the extension of the State’s current Fiscal Year for an additional three months, the Legislature must pass and the Governor sign a Supplemental Appropriations bill by midnight, June 30. On Thursday, June 24, Assemblywoman Eliana Pinto...

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Budgeting