New Jersey leaders have reached an agreement on the state’s Fiscal Year 2027 budget, paving the way for legislative approval ahead of the new fiscal year.

In a joint statement, Governor Mikie Sherrill, Senate President Nicholas Scutari, and Assembly Speaker Craig Coughlin announced that they had worked together to finalize a $60.7 billion spending plan focused on affordability, tax relief, and long-term fiscal stability.

The budget includes an expansion of New Jersey’s Child Tax Credit, aimed at providing additional support to families, as well as continued funding for the StayNJ program, which provides property tax relief for eligible retirees. State leaders said the plan delivers what they described as the largest property tax relief effort in New Jersey history while ensuring the program remains sustainable in the years ahead.

Officials also highlighted measures to strengthen the state’s financial position, including reducing the structural deficit by half, fully funding pension obligations, and increasing budget reserves. According to the statement, maintaining a strong surplus will help New Jersey respond to potential federal funding reductions and policy changes that could affect Medicaid, food assistance, health care, and employment programs.

The budget agreement is expected to move through the legislative process in the coming days, with state leaders expressing confidence that it will provide meaningful relief for residents while protecting critical services and investments across New Jersey.