TRENTON – Senate President Nick Scutari, Senate Majority Leader M. Teresa Ruiz, and Senator Paul Sarlo, chair of the Senate Budget Committee, issued the following joint statement on the Fiscal Year 2026 State Budget approved by the Senate today:
“This budget is a fiscally responsible plan that upholds the core priorities of New Jersey’s working families as we confront challenging economic and fiscal conditions.
“At a time when Washington is attacking the most vulnerable and eliminating support for working people with a financially irresponsible plan that lavishes benefits on the wealthy and imposes record amounts of debt on future generations of Americans, we are acting to protect those in need, strengthen our economy, expand opportunities and make life more affordable for all New Jerseyans. The contrast in principles and priorities between Washington and New Jersey couldn’t be more pronounced.
“We are proud to deliver the largest property tax relief package in state history, a milestone investment that will ease the burden on homeowners and renters across the state. This budget continues to make significant investments in public schools, provides stable support for NJ Transit, and restores vital aid to our colleges and universities. While higher education is under assault at the federal level, New Jersey is stepping up, not stepping back, to invest in the future of our students and their families.
“Our commitment to long-term fiscal responsibility remains unwavering. This budget includes a full pension payment, maintains a robust surplus exceeding $6 billion to safeguard against economic volatility, and helps contain the state’s structural deficit.
“We acknowledge that difficult choices had to be made as we were unable to restore all the funds for the cuts that were made in the proposed budget. But these decisions were made with discipline, care, and a clear focus on protecting essential services and minimizing harm to vulnerable communities. This budget strikes a balance and serves as a foundation to advance our policy priorities. It is not the culmination of our efforts, but a launchpad for the work in front of us.
“As we look ahead, we do so with a realistic view of the challenges we face, including the potential loss of federal aid and persistent instability in Washington. Yet, even in the face of uncertainty, this budget keeps New Jersey on a path of progress, opportunity, and fiscal resilience. It ensures we can continue delivering real results for our residents now and into the future.”
