New Jersey is flush with cash thanks to a surge in tax collections, allowing Gov. Phil Murphy to propose a budget that calls for record spending without any new tax increases.

A large share of New Jersey’s federal pandemic aid has also yet to be allocated by Murphy and lawmakers, putting the state in an even better place financially as it manages the ongoing health crisis.

And major Wall Street credit-rating agencies are taking notice. Two different rating agencies have upgraded the state’s debt grade in recent weeks, citing beefed-up pension payments and recent debt-relief efforts as key factors.

In many ways, the string of good news has created an unlikely scenario for a state that often struggled with long-standing fiscal challenges that made balancing the budget a year-to-year pressure cooker. Read More from NJ Spotlight News.