TRENTON – New Jersey is in bad shape financially, but taxes won’t be raised.
Want more details? Watch the governor’s budget address on March 10.
Mikie Sherrill on Thursday gave a brief update of what’s to come, accompanied by Aaron Binder, the state treasurer.
Verbiage aside, a large chart in the meeting room told the story.
The state’s current fiscal year 2026 budget, which runs through June 30, is projected to end the year with a surplus of about $6.7 billion. Recent state budgets, primarily thanks to federal COVID money, have had comfortable surpluses.
By next fiscal year, which runs from July 1 of this year to June 30, 2027, the surplus is projected to dip to a bit more than $4 billion. But by the next fiscal year, the one beginning July 1, 2027, there will be no surplus. In…
