Politics New Jersey carries $10.1B surplus into new fiscal year
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As colleges begin to recover from the pandemic, it’s starting to seem like — for the wealthiest of them — austerity measures weren’t worth it.For a while, it seemed all talk.
New Jersey will be $10.1 billion richer in the next fiscal year as the state projected it will carry about 25 percent of its total budget into fiscal 2022.
This surplus marks a $4 billion increase from what the state last projected in February.
"Thanks to a remarkable two-month revenue collection surge - an April and May 'surprise' like no other - state tax collections in Fiscal Year 2021 (FY21) are hitting historic highs," State Treasurer Elizabeth Maher Muoio said in a delivered to the Assembly Budget Committee on Thursday.
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Muoio attributed the gains to the coronavirus relief stimulus packages passed in December 2020 and March 2021, speedy vaccine development and distribution, and stock market gains.
"We are pleased to be able to deliver such good news for the State of New Jersey after what has been, at best, an unpredictable year, and at times a devastating year for so many," Muoio said.
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Though it's not immediately clear where the surplus will be directed toward, Gov. Phil Murphy's spokesperson Alyana Alfaro Post in an email that the governor will "invest in our public education system, reduce the burden of health care costs, and provide additional tax cuts to New Jersey's growing middle class."
Embattled New Jersey corrections commissioner to resign .
TRENTON, N.J. (AP) — New Jersey's embattled corrections commissioner announced his resignation Tuesday, a day after Gov. Phil Murphy said the state would shutter its long-troubled and only women’s prison. Marcus Hicks had faced sharp criticism in recent months from several lawmakers who called for his dismissal, citing his overall job performance and his handling of problems at the Edna Mahan Correctional Facility for Women in Clinton. Ten guards face criminal charges brought by the state attorney general stemming from what he said was a violent attack on women at the prison in January.