On June 30, 2019, Governor Murphy signed the FY2020 State Budget. The $38.7 billion budget was largely similar to the budget the Legislature passed and sent to the Governor days before, which removed all initially proposed tax increases including the “millionaire’s tax” – a major priority to the Governor. However, the final budget included an increase from two percent to three percent on what Health Maintenance Organizations (HMOs) charge consumers for health policies. Although Governor Murphy signed the budget, he line-item vetoed just under $50 million in spending added by the Legislature, including spending identified for South Jersey-based organizations including: a $5 million grant to Cooper University Hospital for a "vulnerable communities’ access to care" initiative; $500,000 from Rutgers University – Camden for a Camden workforce study with the Cooper's Ferry Partnership; and, $500,000 cut in “Institutional Support” for Rutgers University – Camden. A provision was also vetoed that would allocate $4 million from the sale of state land intended for a “development” project at the Wildwood Boardwalk.

In addition to the line-item vetoes, Governor Murphy also signed Executive Order No. 73 directing the Department of Treasury to place up to $235 million in discretionary spending into reserve, essentially freezing it. These allocations were being monitored by the Department and were released earlier this month.