NJ Transit’s proposed fiscal year 2025 budget is projected to top $3 billion, the largest budget in its history and for the first time in five years, doesn’t predict a future fiscal cliff in approaching years.
A year ago that wasn’t the case, when an initial $119 million fiscal cliff was predicted for fiscal year 2025 that starts on July 1. That increased to $917 million for fiscal year 2026 and $957 million the following fiscal year.
Changing that is the agency’s first source of dedicated funding since it was created, through Gov. Phil Murphy’s proposed business transit fee, which places a 2.5% tax on large corporations making more than $10 million in profits.
