FOR IMMEDIATE RELEASE
March 10, 2026
March 10, 2026
Trenton, NJ — As Governor Mikie Sherrill today proposed a $60.7 billion budget for Fiscal Year 2027, the New Jersey Policy Institute (NJPI) released the first edition of its Pork Roll Report, a new research series examining government spending, fiscal discipline, and transparency in New Jersey’s budget process.
The Governor’s proposal represents a 1.6 percent increase over last year’s $58.8 billion budget and comes as the state faces a projected $3 billion structural deficit. The administration outlined approximately $2.6 billion in budget solutions, including roughly $2 billion in spending reductions and $700 million in new revenue from changes to corporate tax provisions.
While the proposed budget still increases overall spending, NJPI noted that the relatively modest growth signals a potential shift away from the rapid expansion of state spending in recent years.
“New Jersey’s budget has nearly doubled over the past two decades, so we are encouraged to see the Governor acknowledge the need to confront the state’s structural deficit and begin flattening the spending curve,” said Rosemary Becchi, Board Chair of the New Jersey Policy Institute. “At the same time, it is disappointing to see spending continue to increase. If affordability is truly the goal, policymakers must continue moving toward greater fiscal discipline in the years ahead.”
The inaugural Pork Roll Report highlights the long-term growth of New Jersey’s budget, which has expanded from $30.9 billion in 2007 to $60.7 billion in the Governor’s proposal today. The report examines several factors driving the increase, including structural spending pressures, pandemic-era federal aid, and limited long-term spending restraint.
In her budget address, Governor Sherrill also pledged that her administration would not allow last-minute legislative spending to be added to the budget during final negotiations.
“That commitment is a welcome one,” Becchi said. “Too often in Trenton, budgets that begin with restraint end with a surge of last-minute spending additions negotiated behind closed doors. The Governor’s statement is a positive step, but it will require follow-through to ensure the final budget reflects the discipline taxpayers expect.”
The report also raises questions about the potential impact of proposed corporate tax changes on New Jersey’s competitiveness.
“New Jersey already faces challenges competing with neighboring states for investment and job growth,” Becchi said. “As lawmakers review the Governor’s proposal, they should carefully consider how additional business tax changes could affect the state’s economic competitiveness.”
The Legislature will now review the proposal and negotiate a final budget before the constitutional deadline of June 30, 2026.
The Pork Roll Report will be released periodically by NJPI to provide analysis and oversight of state spending and fiscal policy.
The first Pork Roll Report is available here.
About the New Jersey Policy Institute
The New Jersey Policy Institute is a nonpartisan research organization dedicated to advancing policies that promote opportunity, economic growth, transparency, and accountability in state government.
The New Jersey Policy Institute is a nonpartisan research organization dedicated to advancing policies that promote opportunity, economic growth, transparency, and accountability in state government.
