Earlier today, Governor Murphy insisted that he will not dip into his proposed $1 billion budget surplus to fund other programs and services. In response to these remarks, NJPP Senior Policy Analyst Sheila Reynertson offered the following statement in support of building a robust budget surplus.

SHEILA REYNERTSON, SENIOR POLICY ANALYST, NJPP:

“Since the Great Recession, New Jersey lawmakers have had an unhealthy relationship with the state’s surplus, regularly depleting reserves to fill budget holes. Today, New Jersey is one of just 5 states with an empty rainy day fund leaving the state without the means to deal with unexpected revenue shortfalls or unforeseen emergencies.

“The budget surplus Governor Murphy is proposing in this budget follows best practices from over a decade ago when New Jersey boosted a coveted AAA credit rating. Building a healthy budget surplus now will safeguard New Jersey against the next recession or super storm and puts the state on a stable fiscal foundation.”