Gov. Phil Murphy outlined dozens of proposals and programs for the state during his annual budget address Tuesday afternoon.
Read more from ROI-NJ on the budget:
- Murphy says his $45B budget proposal follows vision of stronger, fairer state
- Republicans say budget won’t help N.J. — and does come with new taxes
Here is a closer look at four items that most impact the business community — as presented by the governor.
How Murphy aims to prepare the workforce of the future
There are a number of plans for increased training, including:
- The proposed budget provides $22.5 million for the Workforce Development Partnership Fund to support programs like the New Jersey Apprenticeship Network, which is slated to receive $12 million.
- The budget proposes $5 million for the new Pay It Forward Fund/Career Impact Bond program in partnership with the New Jersey CEO Council (read full story here).
- The proposed budget also provides $10 million in seed funding to implement Future of Work Task Force initiatives like Lifelong Learning Accounts and worker training stipends.
- The budget also proposes $580,000 to help the new Office of Climate Action and the Green Economy lead the way in addressing climate change, ensuring New Jersey’s clean energy future, and transitioning to a green economy while prioritizing equity and environmental justice.
How Murphy aims to rebuild infrastructure while avoiding new debt
The governor has a number of proposals, including:
- A $200 million direct appropriation to support the Offshore Wind Port;
- $75 million for the new Capital Maintenance and Emergent Needs Grant program at the Schools Development Authority;
- $60 million to support the continuation of the Drinking Water and Clean Water Infrastructure Fund;
- An additional $20 million for beach replenishment;
- $20 million for the Department of State’s Arts and Culture programs to create a more vibrant New Jersey
How Murphy aims to ‘supercharge’ (his word) the economic recovery
Roughly $200 million is on tap as part of a new multidepartmental economic growth initiative, including:
- Reviving small businesses by investing $100 million over two years in the Main Street Recovery Finance Program;
- $25 million for EDA’s lending programs, such as Premier Lender and Microbusinesses;
- $20 million for the NJRA’s Urban Site Acquisition Fund and Redevelopment Investment Fund, the first state investment in the NJRA since 2002;
- $15 million for permit modernization across state and local governments;
- $13.5 million for the Department of Transportation’s Local Aid and Economic Development Grants, including the Transit Village, Safe Streets to Transit, and Bikeways programs;
- $10 million for EDA’s Black and Latinx Seed Fund initiative;
- $6.5 million for DCA’s Neighborhood Preservation Program and Main Street New Jersey, allowing each to expand to significantly more communities;
- $5 million for the Department of State’s Business Marketing Initiative;
- $3.2 million for the Commission on Science, Innovation and Technology;
- $1 million for EDA’s NJ Ignite;
- $500,000 to double funding for the EDA’s Small Businesses Bonding Readiness program.
How Murphy proposes to make capital investments & improvements
The proposed budget recommends $86.6 million for discretionary capital projects, which includes:
- $29.8M for infrastructure projects;
- $21M for emergent life safety and information technology projects;
- $19.5M for life safety and security projects;
- $9.9M for roof replacement projects;
- $4.1M for fire safety projects.