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The original item was published from 6/30/2023 11:39:19 AM to 6/30/2023 11:56:44 AM.

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Budgeting

Posted on: June 30, 2023

[ARCHIVED] FY2024 Budget & ETR Update

The FY2024 Budget proposal includes $150 million in Municipal Relief Fund in addition to Energy Tax Receipts Property Tax Relief Funding.

As we previously reported late Thursday, both the Assembly Budget Committee and the Senate Budget and Appropriations Committee favorably reported A-5669/S-2024, the $54.3 billion FY2024 New Jersey Budget Bill. In response to our calls to fully restore Energy Tax Receipts funding, the budget bills include an additional $150 million funding classified as “Municipal Relief Funding.” The full Assembly and Senate will consider the budget bills during today’s voting sessions.

As reported, there have been some logistical issues with the crafting of the budget bill. It is anticipated that the legislature will still hold a vote on the budget today and come back at a later date, possibly next week, to fix any outstanding issues. It is unclear at this time if the $150 million in Municipal Relief funding will be in the budget document passed today or part of the clean-up. 

Contact: Mike Cerra, Executive Director, mcerra@njlm.org, 609-695-3481, x120 or Lori Buckelew, Deputy Executive Director & Director of Government Affairs, lbuckelew@njlm.org, 609-695-3481, x112.

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