Gibbons Law Alert

Gibbons Law Alert

Category: State Budget

Gibbons SFY 2026 Report: New Jersey Department of Banking & Insurance Presents Its FY 2026 Budget Proposal

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Posted in State Budget

On April 28, 2025

This is the latest installment in a series of posts that offers a detailed look into the budget proposals for the major departments that constitute the state government. On April 9, 2025, New Jersey Department of Banking & Insurance (NJDOBI) Commissioner Justin Zimmerman appeared before the General Assembly Budget Committee (ABU) to present the department’s proposed FY 2026 budget, which totals $65.3 million. This total is a decrease of $10 million or 13.3 percent from the FY 2025 adjusted appropriation. Backdrop of Federal Workforce Cuts and Funding Cuts On April 17, 2025, the Trump administration attempted to cut the Consumer Financial Protection Bureau (CFPB) workforce by approximately 90 percent, leaving only around 200 employees. The CFPB was formed in 2010 in the wake of the Global Financial Crisis and is tasked with protecting consumers in the financial sector by preventing abusive and deceptive practices. While the proposed shrinkage of the CFPB workforce was temporarily blocked by a federal judge, this move is the most recent action by the Trump administration signaling a shift toward deregulation and a reduced mission for the CFPB, leaving enforcement and supervision of financial entities to the states. Similarly, the Federal Deposit Insurance Corporation (FDIC) announced this week that more than 1,200 employees would be cut as part of the Trump...

Gibbons SFY 2026 Report: New Jersey Department of Environmental Protection Presents Its FY 2026 Budget Proposal

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Posted in State Budget

On April 22, 2025

This is the latest installment in a series of posts that offers a detailed look into the budget proposals for the major departments that constitute the state government. On April 9, 2025, New Jersey Department of Environmental Protection (NJDEP) Commissioner Shawn LaTourette appeared before the General Assembly Budget Committee (“ABU”) to present the NJDEP’s proposed FY 2026 budget, which totals $485.2 million. This total represents a decrease of $305.4 million or 38.6 percent from the FY 2025 adjusted appropriation. Backdrop of Federal Funding Cuts and Major Policy Changes Since President Trump began his second term in January 2025, his administration has implemented significant policy shifts impacting environmental efforts across the United States. On his first day back in office, President Trump issued an Executive Order withdrawing the United States from the Paris Agreement under the United Nations Framework Convention on Climate Change. This move marked the second time the United States has withdrawn from the accord during Trump’s leadership. That same month, the United States Environmental Protection Agency (EPA) removed all “climate change” references from its website and President Trump issued an Executive Order terminating “to the maximum extent allowed by law, all … ‘environmental justice’ offices and positions.” Additionally, President Trump issued an Executive Order indefinitely withdrawing all areas of the Outer Continental Shelf (OCS) from any...

Gibbons SFY 2026 Report: New Jersey Department of Health Presents Its FY 2026 Budget Proposal

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Posted in State Budget

On April 10, 2025

This is the first in a series of posts that offers a detailed look into the budget proposals for the major departments that constitute the state government. On April 3, 2025, and April 7, 2025, New Jersey Department of Health (NJDOH) Commissioner Dr. Kaitlan Baston appeared before the Senate Budget and Appropriations Committee and the General Assembly Budget Committee, respectively, to testify and take questions on the NJDOH’s $1.4 billion proposed FY 2026 State budget. Backdrop of Federal Funding Cuts Last week, the Trump administration sought to cut over $11 billion in public health grants allocated to U.S. states during the COVID-19 pandemic. While the Trump administration’s efforts have been temporarily halted by a federal judge, the grant funding at risk is used by states to track, prevent, and control infectious diseases, including measles and bird flu. Commissioner Baston testified that nearly $300 million was cut from the Centers for Disease Control and Prevention, which was earmarked, in part, for local public health department funding. The Commissioner also highlighted that the funding supported direct care and disease and addiction prevention efforts. Investments in New Jersey’s Hospital and Health Care System The NJDOH’s Health Systems Branch oversees and ensures appropriate care in more than 2,000 regulated facilities statewide, including hospitals, nursing homes, and other healthcare facilities....

Governor Murphy Proposes FY 2026 Budget Focused on Fiscal Responsibility and Planning for New Jersey’s Future

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Posted in State Budget

On February 26, 2025

Governor Phil Murphy presented his State FY 2026 Budget to a joint session of the Legislature on Tuesday, February 25. This year’s address marks the final budget of Murphy’s eight years in office. The proposed budget totals $58.05 billion, which is $70 million less than the FY 2025 adjusted budget appropriation. The FY 2026 budget includes a $6.3 billion surplus and a structural deficit of $1.2 billion. The Governor’s budget address was centered around themes of fiscal responsibility and planning for future economic security and opportunities for all New Jerseyans. Governor Murphy reaffirmed his administration’s intentions to work in concert with the Trump administration. He noted, however, that there is a distinct possibility that New Jersey may need to adopt a “break the glass” strategy if New Jersey faces the harsh reality of losing billions of federal dollars for state programs. Affordability and Property Tax Relief Governor Murphy addressed rising costs and inflation in his address. The proposed budget aims to improve affordability by addressing property taxes and increasing access to housing. The budget includes $28.5 billion in direct and indirect property tax relief, including nearly $4.3 billion in direct property tax relief through programs such as the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program and the Senior Freeze...

Governor Murphy Proposes FY 2025 Budget Centered on Opportunity, Affordability, and Shared Responsibility in New Jersey

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Posted in State Budget / State Government

On February 28, 2024

Yesterday afternoon, Governor Murphy presented his State FY 2025 Budget to a joint session of the Legislature in Trenton, New Jersey. The proposed budget totals $55.9 billion, keeping total spending growth below 1 percent from the FY 2024 adjusted appropriations ($55.43 billion). It includes a $6 billion surplus. The proposal does not include any new taxes but does include a new 2.5 percent corporate transit fee that will apply to many of the large businesses operating in New Jersey and other smaller revenue raisers (discussed below). The Governor’s budget address was centered around themes of opportunity and affordability. The budget proposal stressed that opportunity is available to all who call New Jersey home and those who may be newcomers to the State. Affordability/Property Tax Relief Governor Murphy addressed rising costs, supply chain snarls, and inflation in his address. The proposed budget aims to improve affordability in the State by addressing property taxes and increasing access to housing. The budget proposal includes $3.5 billion dollars directed toward property tax relief through programs such as the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program, which provides property tax rebates to both homeowners and tenants, and the Senior Freeze Program, which provides property tax relief to seniors and differently abled New Jerseyans. The...

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