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Booming tax collections leave NJ $10.1B surplus

TRENTON, N.J. (AP) — New Jersey will carry a $10.1 billion surplus into the new fiscal year that starts July 1, a stark turnaround from last year when Democratic Gov. Phil Murphy sought to borrow almost $10 billion because of a revenue downturn. State Treasurer Elizabeth Muoio delivered the news to the Democrat-led state Senate Budget Committee in writing on Thursday, just a day after sending it to their Assembly counterparts. The $10.1 billion figure is nearly $4 billion higher than the Murphy administration had forecast earlier this year. The surge in revenue comes as lawmakers and Murphy face a June 30 deadline to enact a balanced budget. Now they have to decide how to allocate the money.

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