New Jersey Democratic Gov. Phil Murphy on Tuesday unveiled a $53.1 billion budget for fiscal year 2024, about 5% more than the spending plan he signed for the current year, proposing more school aid, a renewed property tax rebate program and billions more for public pensions, transportation and other projects.

Murphy, who won a second term as governor in 2021, cast the budget as a helping hand to residents facing risings costs and fallout from COVID-19.

�First it was the pandemic, and now it is inflation. You�ve been paying more for everything from gas to groceries, and your paycheck hasn�t kept up,� he said. �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.�

The governor announced his plan during a speech in the Democrat-led Legislature�s Assembly chamber, an annual tradition that halted during the height of the COVID-19 outbreak. New Jersey�s constitutional deadline to enact a balanced budget is June 30.

Murphy is seeking to carry out campaign promises he made in his first gubernatorial run: For a third straight year, he has proposed making a full payment to the state�s public pension fund. That would be about $7 billion, up $250 million from last year. The pIan would finance K-12 education according to a formula approved by the state Supreme Court, increasing funding about 8% to $10.75 billion. The governor also wants to hold New Jersey Transit fares flat and set aside about $1 billion for universal pre-K, up $110 million over the current year.

The proposal includes no tax increases.

Murphy campaigned for office in part on raising income tax rates on people making more than $1 million, a promise he and lawmakers fulfilled in 2020. That year�s budget also increased business taxes by 1 percentage point, a raise designed to expire after four years. That time�s is up, and Murphy isn�t seeking to renew the higher tax rate.

The governor also aims to renew a property tax rebate program for a second year, part of his push to cast the state as more affordable. The program carries a $2 billion price tag and promises families making up to $150,000 a rebate check of $1,500. Those earning from $150,000 to $250,000 get $1,000 in rebates. Continuing last year�s assistance for renters, those making up to $150,000 would get $450. The program would help an estimated an estimated 1.5 million households.

New Jersey has among the highest property taxes in the nation, averaging about $9,500 a year.

Republicans � in the minority in the Legislature but emboldened after picking up seven seats in 2021 � panned the proposal, calling on the governor to cut taxes.

�When the state is flush with money, there�s no excuse for Governor Murphy to continue ignoring tax relief that would make a big difference to families and businesses struggling with inflation,� Senate Republican Steve Oroho said.

Murphy�s proposal must first progress through the Legislature, which can alter it before the governor signs it into law. All 120 state lawmakers are on the ballot this November.

(AP)