New Jersey has reported an increase in federal revenue, securing approximately $22.155 billion in FY2024 to support 609 state-administered programs. This information comes from a recent report by the State Department of Treasury’s Grants Management Office.
Despite a slight decrease of 6% from the previous year due to the expiration of some COVID funding programs, federal funding for New Jersey was still 56% higher in FY2024 compared to FY2019, before the pandemic.
State Treasurer Elizabeth Maher Muoio attributed this increase to New Jersey's proactive approach in seeking new federal funding opportunities. "By actively seeking and securing valuable grant opportunities, we are ensuring critical state programs have the resources they need to support New Jerseyans and fulfill their missions," Muoio stated on Wednesday.
The report provides detailed information on federal revenue based on the state fiscal year and describes various programs funded by these revenues. The majority (72%) of New Jersey’s FY2024 federal funds were allocated to programs managed by the state Department of Human Services, with another 12% going to the state Department of Education.
Medicaid was identified as the largest program supported by these funds, receiving $13.913 billion. Other federally funded initiatives included school meal programs, preschool support, violence prevention services, water and land conservation efforts, and cancer prevention programs.
The Treasury’s Grants Management Office was established under a 2021 law to help reduce barriers to federal grant funding through identifying opportunities and coordinating among applicants across New Jersey. It collaborates with local governments, state agencies, and nonprofit organizations but does not directly award or apply for grants itself.
For more details, readers can access the full GMO report online.
