New Jersey sees ‘record surplus,’ but faces warning of possible fiscal cliff next year

New Jersey is poised to end the 2021 fiscal year with a “record surplus” of about $6.4 billion, but federal money is helping make the state’s fiscal picture look as rosy as it does.

When lawmakers passed 2021 fiscal year spending, they projected an opening surplus of $2.2 billion, Thomas Koenig, legislative budget and finance officer, said in prepared testimony to the state Senate Budget and Appropriations Committee. That level was anticipated to increase to more than $2.8 billion by the end of the fiscal year.

“The revised year-end surplus for the current fiscal year now stands at an astonishing $3.5 billion higher,” Koenig said.
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