• 2022-05-17

On Monday, the State Department of Treasury and the Office of Legislative Services each forecast a revenue windfall for New Jersey in testimony before the state Senate Budget and Appropriations Committee.

If their estimates are borne out, New Jersey’s coffers will see almost $7 billion more in revenue than was projected by the Murphy administration in March for fiscal years 2022 and 2023. This windfall is bolstered by increased economic activity in the state since the COVID-19 pandemic restrictions were eased.

This revenue windfall is in addition to the reported $3 billion still available to New Jersey in American Rescue Plan funding.