Multi-Year Budget Workgroup

The Sweeney Center’s Multi-Year Budget Workgroup released its fifth fiscal report, New Jersey's Fiscal Cliff: Current Services Budget Projections, Long-Term Economic Forecast, and the Multi-Year Structural Deficit on June 13.

The report noted that New Jersey expected to run a structural deficit in FY25 for the third budget year in a row and projected that the state would continue to face multi-million-dollar gaps between expected revenues and the cost of providing current services, maintaining state aid levels and funding promised programs from FY26 to FY28.

The Multi-Year Budget Workgroup is an independent bipartisan group of former budget officials, policy experts, academics and economists convened to provide a multi-year perspective to fiscal policy issues and develop pragmatic consensus solutions to New Jersey’s most pressing issues.  

Launched in March 2022, the Multi-Year Budget Workgroup was the first blue-ribbon panel to develop multi-year revenue and expenditure projections since the Facing Our Future panel convened by the Council of New Jersey Grantmakers in 2010. 

The Multi-Year Budget Workgroup issued New Jersey’s Fiscal Future: Comparing Multi-Year Revenue Forecasts With Current Services Budget Projections  in June 2022, providing five-year revenue and expenditure projections that showed the need for the state government to carry a large surplus. 

The Multi-Year Budget Workgroup released a five-year New Jersey Economic Outlook in February 2023, followed up by NJ's Fiscal Future II: Comparing Five-Year Revenue Forecasts with Current Services Budget Projections in June 2023 in the midst of that year's budget debate. 

This June's report built on the Multi-Year Budget Workgroup's February 2024 study, NJ's Fiscal Cliff: Current Services Budget Projections, Long-Term Economic Forecast, and the Five-Year Revenue Gap.