Gov. Mikie Sherrill today delivered her first budget address, which kicks off the negotiating period for the governor and Legislature to craft a FY2027 state budget that must be adopted by June 30. In response, the New Jersey Chamber of Commerce issued the following statement:
We congratulate Governor Sherrill on releasing her first budget proposal and appreciate the administration’s ongoing outreach to the business community. Regular engagement with employers across the state has been a positive and constructive step, and we look forward to continuing that dialogue.
We commend the Governor for proposing approximately $2 billion in spending reductions. Taking steps to control costs sends an important signal that New Jersey is serious about improving its long-term fiscal outlook. We are also encouraged to see continued investments in infrastructure, support for childcare, and initiatives aimed at reducing energy costs. These are important priorities that help strengthen New Jersey’s economy and improve quality of life for residents and employers alike.
We are also pleased with the proposals to assist the business community by reducing business filing fees, providing funding for additional staff at the New Jersey Business Action Center, maintaining funding for the Main Street Recovery Fund, supporting additional staffing at NJDEP to expedite permitting and creating the permit dashboard.
At the same time, we have concerns about several proposals that would increase costs for employers, many of whom are impacted by the Corporate Transit Fee. Policies such as these risk making New Jersey less competitive than other states, particularly for larger companies that provide significant employment and investment in our communities.
Since taking office, Governor Sherrill has aggressively addressed several significant challenges facing our state. Her budget proposal reflects that same urgency while beginning the process of restoring fiscal stability. However, you cannot cut your way to prosperity. Expense reductions must be paired with aggressive growth initiatives that generate sustainable, organic revenue from business expansion. We hope that as budget deliberations continue in the coming months, these high-impact initiatives will be added to the proposal. The foundation for strong economic and fiscal growth can only be achieved by combining continued expense austerity with significant revenue growth.
We look forward to working collaboratively with the Governor and legislative leaders to ensure the final budget strengthens our state’s competitiveness, supports job creation, and positions New Jersey for long-term prosperity.
—Tom Bracken, president & CEO, New Jersey Chamber of Commerce