Working Families Win in FY2025 State Budget

After approval by both the State Senate and Assembly along mostly party lines, Governor Murphy will sign the FY25 State Budget on Friday, June 28th.  

Although the budget was introduced only hours before votes, creating concerns transparency, it will be adopted prior to the constitutional deadline of July 1st. 

The budget totals $56.6 billion and includes priorities for CWA members and our families: 

• The State's pension contribution has been fully funded – marking the fourth year in a row Gov. Murphy fulfilled this commitment.
• The Corporate Transit Fee (CTF) passed creating a 2.5% tax on businesses making over 10 million in profits annually. This funding is specifically dedicated to NJ Transit, however, this tax is set to end in five years if not renewed by the legislature. 
• The budget pays for all aspects of state government, including executive branch departments, judiciary, and public universities.
• In another first, the school funding formula that was passed originally in 2008 is fully funded in this year's budget.
• Approximately $728 million in new spending.
• There is a record surplus of $6.1 billion built into the budget.

Thank you to all our CWA members who attended lobby days, took action for a new billionaire’s tax through the CTF, and fought to secure the pension payment!