State Treasurer Aaron Binder announced on Mar. 25 that Governor Mikie Sherrill’s Detailed Budget Book for Fiscal Year 2027 is now accessible online. The document outlines the governor’s proposed $60.7 billion budget, which will be reviewed by the Legislature before a final appropriations bill is sent to the governor ahead of the new fiscal year starting July 1.
The release of this budget book is significant because it provides transparency and detail on spending, revenue, and policy priorities for New Jersey in the coming year. It serves as a key resource for lawmakers, businesses, and residents seeking to understand how state funds may be allocated.
The Detailed Budget Book includes summaries of appropriations, revenues, expenditures, fund balances, detailed department-level data, and recommendations for budget language. According to NJBIA Chief Government Affairs Officer Christopher Emigholz: “This detailed budget book shows that Governor Sherrill is serious about holding the line on spending, and the business community says thank you for that.” Emigholz also said: “That being said, we do look forward to working with the Sherrill administration on eliminating and moderating the revenue increases.”
Governor Sherrill has described her FY27 proposal as a plan for a “more affordable and accountable New Jersey,” with initiatives such as property tax relief for middle-class families; full pension payments; record K-12 school funding; and energy programs aimed at lowering costs. However, several proposed tax changes would affect businesses in New Jersey—including ending an alternative business calculation deduction for certain pass-through entities earning $1 million or more; imposing a temporary $1 million cap on net operating loss deductions under corporate business tax from tax years 2026 through 2028; and introducing a new tax on larger employers whose workers use Medicaid instead of employer-sponsored health plans.
Emigholz testified at legislative hearings last week in support of measures intended to strengthen state finances but raised concerns about these three tax proposals. “As the state with the second highest unemployment rate in the nation behind California and the only state in the nation in the top third of each of the four major state and local taxes, NJBIA is concerned about any tax increase that makes New Jersey less competitive,” he told lawmakers during his March 18 testimony before the Assembly Budget Committee. He added: “NJBIA looks forward to working with the Sherrill administration and State Legislature to remove or moderate these three revenue raisers…and we will also help Governor Sherrill maintain her proposed spending cuts.”
The New Jersey Business & Industry Association (NJBIA) represents private-sector employers throughout New Jersey according to its official website. It facilitates partnerships among businesses, government agencies, and academic institutions according to its official website, advances competitive excellence among members according to its official website, offers advocacy services according to its official website, delivers essential information according to its official website, cost-saving benefits according to its official website, while Michele Siekerka serves as president and chief executive officer according to its official website.
The full 616-page Detailed Budget Book can be accessed via New Jersey’s Department of Treasury site. A shorter summary titled Budget-In-Brief has been available since March 10.
