record spending and a promise to make New Jersey more affordable for millions of residents Governor Murphy today laying out a 53.1 billion dollar budget for fiscal year 2024. affordability was the word of the day the governor proposing direct relief to families by doubling the child tax credit and continuing the anchor property tax relief program boosting the income eligibility for the senior freeze program and access to prescription drug programs proposing nearly a billion dollars in school aid funding expanding the state's preschools and help for higher ed there's also money to rebuild the Jersey Shore boardwalks and help people with crushing medical debt all of this as tax revenue growth is showing signs of slowing here are a few highlights it is my pleasure to present my proposed budget for the 2024 State fiscal year it is a budget designed with a singular purpose to continue building the next New Jersey but here's the thing the next New Jersey isn't some far-off vision the next New Jersey is here and it's happening right now now at the same time I know that some of you don't feel certain of your place in that next New Jersey first it was the pandemic and now it's inflation you've been paying more for everything from gas to groceries and your paycheck hasn't kept up it's been tough on your finances and on your mental health so know this this budget was built with you in mind to secure your place for the third year in a row it has no new taxes and more middle-class tax relief [Applause] hard-working families by expanding free pre-k for your kids it will lower it will lower prescription drug costs for our seniors this this entire budget is purpose built to help you find your place in the next New Jersey by securing your place in the New Jersey of right now next month more than one and a half million families will receive direct property tax relief through the anchor program we came together to create and by the way the thank you the deadline for anchor by the way happens to be midnight tonight so if you have not yet applied for your anchor property tax relief go to anchor.nj.gov that's anchor.nj.gov but affordability doesn't just come through what we can do directly for our families affordability is also found through the Investments we can make to short-circuit Rising taxes and costs in the first place and no investment has such an impact as the one we make in our best in the nation Public Schools this budget will provide an additional 830 million dollars in direct Aid to our K-12 Public School classrooms for a total of almost 11 billion dollars this budget will make the third consecutive full payment into our State Pension funds what is seven billion dollars among friends each year by doing so we keep our word and we meet Our obligation to the many thousands of women and men whose work makes our state run and keeps our state safe this budget will also set aside more than 2.3 billion dollars to either pay down existing debt or keep us from taking on new debt entirely but moreover this budget will better prepare New Jersey for any national or global economic uncertainty with a surplus of more than 10 billion dollars and that is that 10 billion dollars is nearly 20 percent of the entire budget we're going to maintain our investment in our commuters by giving them a sixth straight year of no fair hikes on NJ Transit thanks and at the same time we're going to cut the transfers from NJ transit's Capital programs to its operating program to a 21-year low that means that means more money to keep the lines running the facts bear out that NJ Transit is moving without question in the right direction I stood here five years ago and said our Administration would get NJ Transit working even if it killed me I'm still here this budget will allow the temporary two and a half percent corporate business tax surcharge to expire we here we hear from the business community that allowing the surcharge to lapse will mean more money for them to create jobs to invest in new and more efficient equipment to lower costs to Consumers and to be able to stay here so just as they've trusted us to keep our word in letting this temporary surcharge expire I'm expecting them to keep theirs with this Revenue so in service to everyone who sent us here let us join together as we shape this next budget and commit to this the next New Jersey is where opportunity Grows Where rights are protected and where we fight for each other and not with each other and most of all let us continue making New Jersey the state where hard work pays off thank you may God continue to bless the great state of New Jersey and the United States of America