On February 23, Governor Phil Murphy delivered the FY2022 Budget Address via a pre-reordered speech, streamed live to the Legislature and the public.
Governor Murphy proposed a $44.8 billion budget that, the CCSNJ is happy to report, included no new or increased taxes or fees. The FY2022 budget also includes $1.6 billion for the state’s pension payment, which is the first time since 1996 that the annual pension obligation would be paid in full, an additional $50 million for the Main Street Recovery Finance Program, and a $200 million direct appropriation for the Offshore Wind Port located in southern New Jersey.
The proposed FY2022 budget also includes $100 million in multi-departmental economic growth initiatives including:
- $25 million for NJEDA’s lending programs, including the Premier Lender Program and the Microbusinesses Loan Program;
- $20 million for the NJRA’s Urban Site Acquisition Fund and Redevelopment Investment Fund;
- $15 million for permit modernization across state departments and for local governments;
- $13.5 million for the Department of Transportation’s Local Aid and Economic Development Grants, including the Transit Village, Safe Streets to Transit, and Bikeways programs;
- $10 million for NJEDA’s Black and Latinx Seed Fund initiative;
- $6.5 million for NJDCA’s Neighborhood Preservation Program and Main Street New Jersey, allowing each to expand into more communities;
- $5 million for the NJ Department of State’s Business Marketing Initiative;
- $3.2 million for the Commission on Science, Innovation and Technology;
- $1 million for NJEDA’s NJ Ignite Program; and
- $500,000 for the Small Business Bonding Readiness Assistance Program
CCSNJ President and CEO Christina Renna released the following statement on the Governor's proposed FY2022 budget:
"The Chamber of Commerce Southern New Jersey (CCSNJ) is pleased that Governor Phil Murphy did not include tax increases in the proposed FY2022 state budget. The business community continues to be greatly impacted by the COVID-19 pandemic and any increase in taxes would only add to the severe affordability crisis that businesses and residents of New Jersey face. Although the decision to make the full pension payment is welcome news, the CCSNJ continues to support substantive fiscal reforms, such as those proposed in the Path to Progress report, which have the potential to put New Jersey on a healthier fiscal path for years to come. Additionally, while the CCSNJ applauds the addition of another $50 million to the Main Street Recovery Fund, as well as other smaller proposed allocations for differing economic programs, more resources are needed still for small businesses to enable them to recover. The CCSNJ looks forward to engaging with the Administration and the Legislature during the FY2022 budget process to identify ways to help the business community recover and evolve from the pandemic stronger."
To read the Governor's Budget Address, click here
Should you have any questions, please contact Hilary Chebra, Manager of Government Affairs at email@example.com.