A budget deal is in place, a source told InsiderNJ, set for Thursday debate and Monday passage. The StayNJ eligibility requirements will change but the amount will stay the same, placating Speaker Craig Coughlin.

Governor Mikie Sherrill, Senate President Nick Scutari and Speaker Coughlin this afternoon released the following statement:

“We are pleased to have worked closely together to reach an agreement on an FY 2027 budget that makes New Jersey more affordable and protects our state from the Trump Administration's dangerous policies that harm residents.

“The $60.7 billion budget provides tax relief to New Jerseyans who need it most while investing in our shared future with an expanded Child Tax Credit benefit for families. It offers the most property tax relief in the state's history, ensuring StayNJ is a sustainable benefit retirees can count on.

“At the same time, this budget cuts the state's structural deficit in half, continues to fully fund pensions, and increases the budget surplus we need to fight the Trump Administration's unprecedented attacks on Medicaid, food assistance, affordable health care, and jobs – all of which are increasing costs for New Jerseyans.

“We are proud that this budget agreement will help families across New Jersey and look forward to its passing in the coming days.”

This from NJ.com's Brent Johnson:

Gov. Mikie Sherrill and her fellow Democrats who lead the state Legislature have reached a tentative deal on a new $60.7 billion state budget, including significant changes to a tax break for New Jersey seniors that was a sticking point in negotiations, four sources confirmed to NJ.com.

A final budget — Sherrill’s first since taking office in January — is not available yet and may not be introduced until Friday, five days before the deadline for it to be enacted.

More here from The Bergen Record.

The GOP immediately decried the situation.

Senate Republican Budget Officer Declan O’Scanlon (R-Monmouth), Senator Michael Testa (R-Atlantic, Cape May, Cumberland), Senator Doug Steinhardt (R-Hunterdon, Somerset, Warren), and Senator Carmen Amato, Jr. (R-Ocean) released the following statement regarding news that a budget deal is in place.

“Transparency matters and the lack of it speaks volumes. How much of the proposed $1 billion in tax increases is actually part of the budget deal? How much is a hidden bailout for Jersey City and Newark after years of fiscal mismanagement by their mayors? How much is political pork for a handful of towns’ tiki bars while 500 other municipalities and their property taxpayers get stuck with flat funding and higher bills from Trenton?

“How much political favoritism is being directed to select school districts while hundreds of other schools and their taxpayers face cuts or are denied the formula increases they were promised? How is the remaining $2 billion in unspent COVID funds being shifted around behind closed doors, and what political favors are attached to those decisions?

“The public doesn’t know. Everything is being negotiated behind closed doors, and even the final budget won’t answer those questions. A new governor may put a fresh coat of paint on the process, but it’s still the same broken state budget—one that treats fairness, transparency, and taxpayers as an afterthought.”