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Updated at 7:20 a.m. July 1, 2026: Late Tuesday, Gov. Mikie Sherrill signed the $60.75 billion state budget into law.

“When I took office, I promised New Jersey families that affordability would be the north star of every decision we made. With the passage of our first budget, we are delivering on that promise,” Sherrill said in a statement.

Read the original story, posted at 9:11 p.m. June 30, below:

Background:

• Sherrill to sign $60.75B state budget, her first as governor
• Blueprint emphasizes affordability, school aid, tax relief
• Legislature approved spending plan before June 30 deadline
• Republicans criticize budget’s size, taxes and process

With just hours remaining before a June 30 midnight deadline, Gov. Mikie Sherrill is set to sign her first budget into law, a $60.75 billion spending plan.

“I want to speak directly to the people of New Jersey,” Sherrill said during a Tuesday night news conference at the State House in Trenton. “What we just passed today is an affordability budget, one that attacks the rising cost of housing, healthcare, utilities and property taxes. In March, I proposed a budget of $60.7 billion, and that’s where we landed, because right now New Jersey is facing an affordability crisis.”

She added, “This budget runs toward our toughest problems, not away from them. It’s the most fiscally responsible budget passed in decades and invests in the priorities that matter most to working families.”

This budget runs toward our toughest problems, not away from them.
– Gov. Mikie Sherrill

Down to the wire

Earlier in the day, the Assembly (58-20) and Senate (26-14) voted to pass the legislation (Assembly Bill 5327/Senate Bill 2027) on the final voting session of the fiscal year.

During the June 30 meetings, Democratic lawmakers touted the highlights of the budget plan and the investments it makes amid a challenging landscape. In particular, the pension payment, property tax relief, school aid, surplus and more.

Meanwhile, Republicans blasted the last-minute process, total size of the spending plan, taxes, Christmas Tree items and more.

‘Will move New Jersey forward’

“This a budget that will move New Jersey forward in the face of difficult fiscal conditions, continued economic uncertainty and severe cutbacks in federal aid,” said Senate Budget Chairman Paul Sarlo, D-36th District, in a statement. “We are making the best use of limited resources to address the priority needs of the state’s residents in a fiscally responsible way.

“Working in collaboration with Gov. Sherrill, the Assembly and my colleagues in the Senate, we kept the budget at $60.7 billion, the same level as proposed by the governor.”

‘It fails …’

“This budget fails in the categories the governor herself rightly laid out: affordability, transparency, pork, taxes, general gross unfairness,” said Senate Budget Officer Declan O’Scanlon, R-13th District. “It fails by any objective measure of success. It fails the people of New Jersey who are starving for someone to hear their pleas for relief and honesty, and it’s not a good sign of things to come.

“For all of these reasons, I’ll be voting no on this budget. So, should everyone else in this room,” he added.

O’Scanlon proposed an amendment that was voted down that would have redirected $300 million “flowing to unexplained pork projects” and redirect it for school funding (another major area of contention from Republicans), and to restore funding for certain nonprofit service providers.

Read more on the key details of the budget and other notable companion legislation from NJBIZ here. Find the full budget bill here.

NJBIZ will be analyzing the spending plan in the coming days and weeks to learn the full scope and particulars. Please stay with NJBIZ for further coverage and reaction to the budget.

Watch Gov. Sherrill’s budget announcement here: