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Government

Murphy signs record $46.4B state budget

Supporting this year’s spending plan is $52 billion of revenue, a $10 billion surplus and roughly $6.5 billion from the Biden administration under the American Rescue Plan. It’s also bolstered by $4 billion borrowed last year, at a time when the full financial and economic impact of the COVID-19 pandemic was uncertain.

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Gov. Phil Murphy delivers his revised Fiscal Year 2021 Budget Address at SHI stadium at Rutgers University in Piscataway on Aug. 25, 2020.

Few fans

Business groups say the new state budget represents a missed opportunity to bridge the gap between the COVID-19 recession and a robust economic recovery. The budget – which the Legislature sent Gov. Phil Murphy on June 24 – includes a record $46.4 billion of spending, $52 billion in revenue, more than $6 billion in federal aid and a $10 billion surplus.

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