On February 26, Governor Mikie Sherrill held a press conference to outline the fiscal outlook of the state budget ahead of her March 10 budget address. During the event, she warned that New Jersey is facing a structural deficit of approximately $3 billion, as recurring expenditures are projected to outpace revenues. State officials indicated that, if current spending trends continue, the existing multi-billion-dollar surplus could be depleted by FY2028.

Governor Sherrill reiterated her commitment not to raise or impose new taxes and signaled that her administration will instead pursue spending reductions and operational efficiencies across state government. She also announced plans to launch a public budget tracking tool this spring to provide greater transparency into how taxpayer dollars are allocated and spent. Additional details, she noted, will be included in her formal budget proposal on March 10.

In response to the Governor’s remarks, the President and CEO of the Chamber of Commerce Southern New Jersey issued the following statement:

CCSNJ President and CEO released the following state on the Governor's comments:

"The Chamber of Commerce Southern New Jersey (CCSNJ) appreciates Governor Mikie Sherrill’s straightforward and transparent assessment of the fiscal challenges facing our state in her FY2027 budget proposal.

We are particularly encouraged by the Governor’s commitment not to raise or impose new taxes on New Jersey residents and businesses, even in a difficult budget year. With affordability and competitiveness top of mind for employers across our region, that commitment, along with a focus on finding efficiencies and making tough but necessary decisions, provides important reassurance to the business community.

Employers need stability and predictability to invest, grow, and create jobs. For employers in southern New Jersey, many of whom compete directly with neighboring Pennsylvania and Delaware, maintaining a stable and competitive fiscal climate is essential to sustaining growth and attracting new investment to the region. Addressing long-standing structural challenges head-on is an important step toward strengthening New Jersey’s fiscal foundation and supporting long-term economic growth.

CCSNJ looks forward to continuing to work with the Governor, the Legislature, and stakeholders to advance practical solutions that promote growth, protect taxpayers, and keep New Jersey competitive.

We remain committed to supporting policies that foster a strong business climate across Southern New Jersey and throughout the state."

The CCSNJ will remain actively engaged throughout the budget process and will continue advocating for policies that support economic growth, fiscal responsibility, and long-term competitiveness for the region and the state.