June 28, 2024

State Legislature Adopts SFY2025 Budget

The $56.6 billion SFY2025 Budget was adopted by the Assembly and Senate today. It is anticipated that the Governor will sign the budget prior to the July 1 deadline.   

The budget heading to Governor’s desk includes $805 million for Energy Tax Receipts, $6.2 billion in surplus, $2.2 billion for ANCHOR, a full pension payment, a five-year tax on corporations earning over $10 million, and phase out of the electric vehicle tax exemption. 

After more than an hour of debate on the Assembly floor regarding the SFY2025 Budget bill, A-4700, passed the chamber by a vote of 55-22. Several of the Assembly Republican members questioned the priorities of this budget, including the reduction in state aid for municipalities and education. Assemblyman Rumpf made a motion to return the budget to second reading to increase aid. That motion was tabled, debate concluded shortly thereafter, and the measure passed. 

The budget was received by the Senate for consideration after the Assembly vote. During the deliberations, Senator O’Scanlon offered an amendment, similar to Assemblyman Rumpf's, to eliminate approximately $300 million of “unexplained pork and prior year balances” and redirect those funds to restore $150 million in school aid cuts and $150 million reduction in municipal aid. That motion was tabled. After some deliberations, the budget was adopted by the Senate by a vote of 27-13. 

We anticipate that the Governor will sign the budget prior to the July 1 deadline, perhaps as soon as today.