New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced the successful completion of a recent effort to retire almost $500 million in state debt, saving taxpayers approximately $160 million. This significant financial step was shared during an event with the Municipal Analysts Group of New York.
Governor Murphy highlighted this achievement as a key part of his administration’s commitment to strengthening New Jersey’s financial standing. The move to deploy nearly $500 million for retiring outstanding debt is seen as a strategy to lessen the burden on taxpayers and create a more affordable state. The Governor emphasized that paying down debt in a fiscally responsible manner saves taxpayer money and frees up funding for investment in the state’s quality of life.
Treasurer Muoio commended the staff in the Office of Public Finance for their hard work, stating that these substantial savings further the Governor’s goal of a stronger, fairer, and more affordable state.