Bill Text: NJ A4234 | 2022-2023 | Regular Session | Amended

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Bill Title: Requires stress testing on State's ability to provide services in various economic conditions.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2023-02-13 - Reported out of Assembly Comm. with Amendments, 2nd Reading [A4234 Detail]

Download: New_Jersey-2022-A4234-Amended.html

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[First Reprint]

ASSEMBLY, No. 4234

STATE OF NEW JERSEY

220th LEGISLATURE

 

INTRODUCED JUNE 13, 2022

 

 

Sponsored by:

Assemblywoman  SHAMA A. HAIDER

District 37 (Bergen)

Assemblyman  CLINTON CALABRESE

District 36 (Bergen and Passaic)

Assemblyman  ROY FREIMAN

District 16 (Hunterdon, Mercer, Middlesex and Somerset)

 

 

 

 

SYNOPSIS

     Requires stress testing on State's ability to provide services in various economic conditions.

 

CURRENT VERSION OF TEXT

     As reported by the Assembly Commerce and Economic Development Committee on February 13, 2023, with amendments.

  

An Act requiring annual analyses of the State's ability to provide services in various economic conditions, supplementing Title 52 of the Revised Statutes.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    a.  The Department of the Treasury shall ¹[annually] once every third year¹ conduct and report a stress test analysis on the State's ability to maintain services and provide necessary assistance to residents in various economic conditions.

      b.  The stress test analyses required pursuant to this section shall include:

      (1)  long- and short-term projections of major funding sources in various economic conditions, including revenues from major taxes and funding from the federal government;

      (2)  a comparison between projections of major funding sources and historical trends for each of those funding sources in various economic conditions;

      (3)  an analysis of expenditures that are likely to increase or decrease in various economic conditions;

      (4)  an accounting of the State's reserves, including amounts deposited into the "Surplus Revenue Fund," established pursuant to P.L.1990, c.44 (C.52:9H-14 et seq.); and

      (5)  options that the State has to respond to, and lessen the negative impact of, economic recessions.

      c.   The Department of the Treasury shall make the stress test analyses required pursuant to this section publicly accessible on its website, and shall include it as part of the Governor's budget message required pursuant to section 11 of article 3 of P.L.1944, c.112 (C.52:27B-20).

 

     2.    This act shall take effect immediately.