Inside Sherrill’s New Plan to Tackle Costs in New Jersey: Winners and Losers

This week, Governor Mikie Sherrill unveiled her proposed $60.7 billion state budget, saying the plan is designed with everyday New Jersey residents in mind. She said the spending proposal focuses on easing the financial pressure many families are feeling, intending to make things a little more affordable for people who are working hard and trying to keep up with the rising cost of living across the state.

Get our free mobile app

The proposed spending plan, announced by Sherrill, featured several key issues for residents in the Garden State.

• Housing
• Property taxes
• Health care
• Utility costs

According to Patch reports, keeping New Jersey affordable was the main message during Governor Mikie Sherrill’s first state budget address on Tuesday. She focused heavily on the rising cost of living and the financial challenges facing New Jersey, including a projected $3 billion structural budget deficit.

The governor said the goal moving forward is to tackle those budget pressures while also finding ways to make life a little less expensive for residents across New Jersey.

Who Are The Winners And Losers In Governor Sherrill's New Budget For New Jersey?

 
Based on the Patch details, Governor Sherrill’s new New Jersey budget proposal aims to ease costs for many working- and middle-class residents by boosting funding for programs like health coverage, schools, and public transit.

However, the plan could also mean tighter limits on property-tax relief for higher-income seniors and higher costs for some large corporations, as the state tries to close a projected $3 billion budget gap while keeping New Jersey more affordable.

According to Patch, Sherrill said, “If we do nothing, our entire $7.2-billion-dollar surplus will be gone in less than two years – and we’ll be another $750 million in the hole,” Sherrill said.