Description
Maintaining robust budget reserves, often called the surplus, is one thing state lawmakers can do to manage revenue losses that come during economic downturns. In New Jersey, the surplus is often used to support annual spending, as was the case in the spending plan for fiscal year 2027.
Drawing from the surplus gave Gov. Mikie Sherrill and fellow Democrats who control the Legislature the means to cover an increase in annual appropriations that is projected to outpace revenue growth. As a result, New Jersey is set to drain its budget surplus by well over $1 billion in the next year, according to an updated budget summary obtained by NJ Spotlight News.
NJ Spotlight News budget and finance writer John Reitmeyer explains.
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NJ Spotlight News with Briana Vannozzi is a nightly news program that airs weekdays on NJ PBS that covers local New Jersey news. Be sure to share with us your story ideas, feedback and tips about news in your neighborhood: https://bit.ly/32zwJDT
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