Revenue outlook for NJ budget improves, but governor still wants cuts to offset new spending

New projections show rosier revenue, but Gov. Mikie Sherrill still wants cuts to offset any new spending, state Treasurer Aaron Binder said.

By: Nikita Biryukov

Outlets: New Jersey Monitor

Published: May 19, 2026

Words: 752

Last Updated: 1 month, 2 weeks ago

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New Jersey will collect about $59.2 billion in revenue in the coming July-to-June fiscal year, forecasters from the Treasury and the nonpartisan Office of Legislative Services agreed in updated projections shared with lawmakers Tuesday.

If the projections hold, higher state revenue would slightly reduce New Jersey’s structural deficit and leave the state with nearly $6 billion in reserves. Still, officials warned of uncertainty that could disrupt financial markets and hit tax collections in …

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