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Treasury outlines FY‑26 budget with record K‑12 aid, full pension payment and $6.3B surplus
Summary
State Treasurer presented Governor Murphy's proposed FY‑26 budget, highlighting record K‑12 funding, universal pre‑K proposals, a full actuarial pension payment and a projected $6.3 billion surplus while warning the fiscal picture is uncertain because of potential federal cuts.
Treasurer presented Governor Murphy’s proposed fiscal year 2026 budget, saying the plan keeps record support for public schools, fully funds pension obligations and proposes $4.3 billion in property tax relief while projecting a $6.3 billion surplus.
The Treasurer said the FY‑26 budget includes a proposed $12.1 billion for K‑12 education, a proposed $1.27 billion for preschool aid and a proposed actuarially determined pension payment of $7.2 billion. She told the committee the administration intends to cap large year‑to‑year drops in major school aid categories so “K to 12 state aid will not decrease by an amount greater than 3% of…
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