Senate Budget Panel to Get Updated Fiscal Figures, Accounting of Federal Funds

Trenton – The Senate Budget and Appropriations Committee will convene today to get updated revenue figures and forecasts from budget officials with the Office of Legislative Services and an overview of Governor Phil Murphy’s budget proposal for Fiscal Year 2023 from State Treasurer Liz Muoio.

The committee will also get an accounting of the state’s use of federal funds, including the Coronavirus Relief Fund, the American Rescue Plan and plans for the use of funds from the Federal Infrastructure Investment and Jobs Act, said Senator Paul Sarlo, the panel’s chairman.

“The state is fortunate right now in having a substantial amount of financial resources, but we have to be cautious and prudent so we maintain our long-term fiscal health,” said Senator Sarlo. “We have to be prepared for changes in the economy and a potential drop-off in state revenues.

“I also want to get a clear accounting of federal funds so these dollars are used responsibly. These are one-time funds to address public health issues and for investments in priorities that will produce long-term benefits,” Sarlo said.

The in-person sessions will be held Tuesday, April 5^th in Committee Room 4, 1^st Floor, State House Annex, Trenton. The meetings will be open to the press and available via the OLS homepage: https://www.njleg.state.nj.us/

• 11:00 a.m.– Office of Legislative Services: Budget Overview and Revenue Forecast.

11:30 a.m. – State Treasurer Liz Muoio: Budget Overview