On Tuesday, February 25, Governor Murphy delivered his eighth and final Budget Address before a Joint Session of the New Jersey Legislature in the Assembly Chambers. This is the first step in a budget process that will continue with hearings of the Assembly and Senate Budget Committees with public testimony and culminate with a final FY 2026 budget that is passed by both houses and signed by the Governor before the June 30 deadline. The Governor’s proposal calls for $58.1 billion in spending and would include a full payment into the pension fund.
The Governor released this Budget in Brief which provides an overview of the proposed budget.
You can also read a transcript of his budget address here.
NJPSA COMMENT ON THE GOVEROR’S PROPOSED BUDGET
As NJPSA reviews Governor Murphy’s proposed budget for FY 2026, we commend the Governor for his continued strong support for Pre-K education and his dedication to our state’s educators by once again fully funding public employee pensions for the eighth year in a row. The Governor outlined a $22 billion education budget proposal that includes an estimated $12.1 billion to fully fund formula aid pursuant to the School Funding Reform Act, $1.3 billion to support preschool education, and $7.2 billion to make the full pension payment. He outlined proposals that would address the volatility within the formula and limit potential losses that districts will experience this year. Karen Bingert, Executive Director of NJPSA, applauded the Governor’s strong investment in our schools and New Jersey educators. “Among the many ways that Governor Murphy has worked to support the citizens of New Jersey, he has never failed to recognize that the strength of our future is built upon the children we educate today to become tomorrow’s leaders and innovators,” Bingert said. “NJPSA thanks the Governor for his dedication to our students and those fortunate enough to help them achieve their dreams.”
We commend Governor Murphy for his continuous unprecedented investment in our schools, our educators, and in our state’s youngest learners. We look forward to working with the Governor and the State Legislature during the budget process and to hearing the recommendations of the education community as we look to provide greater stability and predictability for districts and help them move forward in support of the outstanding students of New Jersey.