Murphy invests $11 billion in K-12 education for 2024 fiscal year budget

Yesterday, Gov. Phil Murphy (D-N.J.) gave his 2024 budget address for the new fiscal year, according to a press release. The plan addresses affordability, economic stability and future administration investments.

In his sixth annual address, Murphy said he hopes to make education more affordable and all-encompassing for New Jerseyans. His initiatives include investing $40 million into preschool expansion, $30 million into tutoring programs and $832 million toward K-12 schooling.

His budget includes approximately $11 billion in education funding, more than a $2.6 billion increase since Murphy's first year in office, according to the release.

Murphy's administration also hopes to address affordability with senior citizens by extending the Senior Freeze tax program qualifications to people making $150,000 or less. This plan also hopes to reduce hearing aid and prescription drug costs for elders.

The budget projects a $10 billion surplus that Murphy said will prime New Jersey for any nationwide or worldwide crises, according to the release.

During Murphy's budget address, he highlighted several tax relief programs for businesses. These programs aim to incentivize employers to expand their companies and create well-paying jobs for workers. 

"My proposed budget is a renewed commitment to building a New Jersey that is both affordable and rich with opportunity," he said. "Together, we will ensure that we are shaping this next New Jersey in the service of growing and securing the middle class, where the American Dream is more expansive and inclusive than ever before."