Bill Text: NJ A2161 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires amount by which actual State General Fund revenue exceeds anticipated State General Fund revenue for a fiscal year to be appropriated as State school aid.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-02-11 - Introduced, Referred to Assembly Budget Committee [A2161 Detail]
Download: New_Jersey-2010-A2161-Introduced.html
Sponsored by:
Assemblywoman NANCY F. MUNOZ
District 21 (Essex, Morris, Somerset and Union)
SYNOPSIS
Requires amount by which actual State General Fund revenue exceeds anticipated State General Fund revenue for a fiscal year to be appropriated as State school aid.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the appropriation of certain State revenues, supplementing Title 52 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. On or before October 1, 2010 and on or before October 1 annually thereafter, the State Treasurer shall determine the amount, if any, by which the amount of State revenue realized as General Fund resources to support appropriations made in the State fiscal year ending on the preceding June 30 exceeds the amount of anticipated revenue certified by the Governor upon approval of the annual appropriation act for that fiscal year, and shall certify the amount of any such excess to the Governor, the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), and the Legislative Budget and Finance Officer. Notwithstanding any provision to the contrary of P.L.1990, c.44 (C.52:9H-14 et seq.) or any other law, but subject to any applicable requirements and limitations of the State Constitution, the Legislature shall, not later than December 1 next following that October 1, appropriate an amount equal to the excess amount so certified for deposit into a special account within the General Fund. The Legislature shall include in the annual appropriation act for the next succeeding fiscal year an appropriation of the entire amount deposited in that special account, including interest credited thereto, as State aid to the public schools of this State, and the amount so appropriated shall be in addition to, and not as a part or replacement of, the amount required to be appropriated in that fiscal year as State school aid pursuant to the provisions of the "School Funding Reform Act of 2008," P.L.2007, c.260 (C.18A:7F-43 et seq.).
As used in this section, "anticipated revenue" shall have the meaning prescribed for that term under section 2 of P.L.1990, c.44 (C.52:9H-15).
2. This act shall take effect immediately.
STATEMENT
This bill requires that, within three months of the close of each State fiscal year, the State Treasurer shall compare State General Fund revenue actually realized in that prior fiscal year with the amount of anticipated State General Fund revenue that had been certified by the Governor to be available to meet appropriations for that prior fiscal year. The bill then requires that the Legislature, no later than the following December 1, appropriate an amount equal to the amount of that excess amount for deposit into a special account within the General Fund. The bill then requires the Legislature to include in the annual appropriation act for the next fiscal year an appropriation of the entire amount deposited in that special account, including interest, as State aid to the public schools; the amount so appropriated would have to be in addition to, and not as part of, the amount required to be appropriated in that fiscal year as State school aid under the "School Funding Reform Act of 2008," P.L.2007, c.260 (C.18A:7F-43 et seq.).
