Statement

FY 2020 Budget Turns Page on Gimmicks, Invests in Rainy Day Fund

$401 million deposit in rainy day fund is the first in over a decade.

By

Published on Jun 30, 2019 in Tax and Budget

Earlier today, Governor Murphy signed a $38.7 billion budget for Fiscal Year 2020. The budget protects most of the legislature’s spending priorities and dedicates $401 million to the state’s reserve fund — the first deposit in over a decade. In response to the budget, and lack of a millionaires tax, NJPP releases the following statement: 

BRANDON McKOY, PRESIDENT, NEW JERSEY POLICY PERSPECTIVE: 

“The budget signed by Governor Murphy is about much more than dollars and cents, as it represents a commitment to New Jersey’s middle class families and the state’s long-term fiscal health. It also strikes an important balance between the governor’s original proposal and what was ultimately passed by the Legislature. Collectively, these efforts make huge investments in assets proven to grow the economy, like NJ Transit and good public schools, and provide the state with sustainable savings achieved through collective bargaining. 

“Through an executive order, Governor Murphy also made the first deposit into the rainy day fund in over a decade, preparing New Jersey for the next recession and improving the state’s standing in the eyes of credit rating agencies. This is a nationally recognized budgeting best practice and a win for taxpayers of today and tomorrow. 

“Governor Murphy signed a responsible budget that turns the page on the short-sighted gimmicks of the past, but more must be done to position the state for long-term prosperity. New Jersey takes in less revenue than it did before the Great Recession, a direct result of almost a decade of tax cuts that primarily benefited the wealthiest individuals and corporations. The restoration of a millionaires tax remains necessary for the state to reliably meet its obligations and continue investing in areas that enable everyday New Jerseyans to thrive.”

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Author

  • Brandon McKoy, President, is the chief executive of NJPP and leads the organization's efforts in shaping policy debates to advance economic justice for the many, not a chosen few. Prior to being named President of NJPP in February 2019, Brandon served as NJPP's Director of Government and Public Affairs, where he designed and implemented the organization's outreach, advocacy, and government relations activities. He also produces timely, credible and accessible research and analysis on issues including, but not limited to, economic security, the social safety net and economic opportunity.

    Brandon’s research interests include: state tax policy, the minimum wage, paid sick leave, the earned income tax credit, urban planning and criminal justice.

    Before joining NJPP in August 2014 as a national fellow under the State Priorities Partnership’s and Center on Budget and Policy Priorities’ state policy fellowship program, Brandon worked as a Program Associate at The Fund for New Jersey, where he assisted in grantmaking on public policy issues that particularly affect low-income and minority populations in New Jersey. He also worked as an AmeriCorps VISTA at HANDS, Inc., a community development corporation in New Jersey, where he worked to mitigate the negative impact of foreclosures and increase citizen participation in local decision-making.

    Brandon formerly served as the Deputy Chapter Director of New Leaders Council – New Jersey and is an alumnus of the 2013 fellows class. He currently serves on the board of the New Jersey Work Environment Council, Shelterforce and the I Am Trenton Community Foundation. He received a MA in City & Regional Planning and Policy Development from Rutgers University’s Edward J. Bloustein School of Planning and Public Policy and holds a BS degree in Social Psychology from The College of New Jersey.

    Email: mckoy (at) njpp.org | Phone: 609-393-1145 ext. 14


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