Sarlo Statement on State Budget

Trenton – Senator Paul Sarlo, chairman of the Senate Budget and Appropriations Committee, issued the following statement after the Senate voted to approve New Jersey’s Fiscal Year 2024 Budget (S-2024):

“This is a responsive and responsible budget that meets the economic challenges of our time. It is a fiscally responsible spending plan that will address immediate needs, provide significant tax relief, install economic safeguards and help fuel economic growth.

“It addresses our top priority of finding ways to make the lives of New Jersey’s residents more affordable. We are providing a record level of property tax relief, including increased benefits in the ANCHOR program, an expansion of Senior Freeze and an initial payment in StayNJ, the newly created tax relief program for seniors.

“We are also distributing energy tax receipts to municipalities to further hold down property taxes.

“The budget plan contains no tax increases and no fare increases for NJ Transit. It includes a full pension payment for the third consecutive year, a record amount of education aid for local schools, a robust surplus to protect against economic uncertainty and a debt defeasance fund to drive down debt.

“It makes strategic investments in our future, including transformational infrastructure investments in affordable housing, hospitals, schools, libraries, bridges and highways.

“We need to continue to be fiscally responsible with the use of our resources at the same time we expand economic opportunities that build a better future for New Jersey and our residents.”