State of New Jersey

State of New Jersey

The Governor's FY2022 Budget

Budget in Brief

Philip D. Murphy, Governor

Sheila Y. Oliver, Lt. Governor

Elizabeth Maher Muoio

State Treasurer

Lynn M. Azarchi Acting Director

Tariq S. Shabazz Deputy Director

Jacki L. Stevens Associate Director

Carisa M. Marone Assistant Director

Hannah R. Good Assistant Director

Office of Management and Budget February 2021

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Cover Photo Credit: Edwin Torres, Governor's Office

Table of Contents

State of New Jersey FY2022 Budget in Brief

A Letter from Governor Philip D. Murphy................................................................................ 1

Chapter One: Building Back, Moving Forward........................................................................4 Confronting the State's Challenges............................................................... 4 Advancing our Affordability Agenda.............................................................. 5 Investing in Our Future ............................................................................... 6 Embracing New Jersey Values...................................................................... 7 Protecting our Most Vulnerable .................................................................... 7

The FY2022 Budget ................................................................................................................. 10 A Summary of the State Budget ................................................................. 10 Pension and Benefits Systems.................................................................... 11 Pre-K to 12 Education................................................................................ 13 Higher Education ....................................................................................... 17 Property Tax Relief and Community Affairs ................................................ 18 Economic Growth ...................................................................................... 22 Labor and Workforce Development ............................................................. 24 Transportation ........................................................................................... 25 Energy and Environment ........................................................................... 27 Health Care and Social Services ................................................................. 30 Law and Public Safety ................................................................................ 40 Federal Funds Overview ............................................................................. 45

FY2021 and FY2022 Revenues ................................................................................................. 48 Economic Performance and Outlook........................................................... 48 Pass-Through Business Alternative Income Tax ......................................... 51 Gross Income Tax ...................................................................................... 52 Sales Tax ................................................................................................... 53 Corporation Business Tax .......................................................................... 55

Tables and Schedules ........................................................................................................ 58 Appendix............................................................................................................................... 62

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