Bill Text: NJ S941 | 2020-2021 | Regular Session | Introduced
Bill Title: Requires public utilities to file certain information with BPU and BPU to make information available on its Internet website.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-01-27 - Introduced in the Senate, Referred to Senate Economic Growth Committee [S941 Detail]
Download: New_Jersey-2020-S941-Introduced.html
Sponsored by:
Senator BRIAN P. STACK
District 33 (Hudson)
SYNOPSIS
Requires public utilities to file certain information with BPU and BPU to make information available on its Internet website.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning certain public utility information and amending R.S.48:2-16 and supplementing Title 48 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. R.S.48:2-16 is amended to read as follows:
48:2-16. [1.] a. The board may, after hearing, upon notice, by order in writing, require every public utility [:
Compliance with laws and ordinances. (a) To] to comply with the laws of the State and any municipal ordinance relating thereto, and to conform to the duties imposed upon it thereby or by the provisions of its own charter, whether obtained under general or special law of this State.
[2.] b. The board [may] shall, upon notice, by order in writing require every public utility:
[System of accounts. (a) To] (1) to keep its books, records, and accounts so as to afford an intelligent understanding of the conduct of its business and [to that end] require every public utility of the same class to adopt a uniform system of accounting. [Such] The system of accounting shall conform, in so far as in the judgment of the board is practicable, to any system of accounting adopted or approved by any [Federal] federal regulatory agency having jurisdiction [.];
[Periodic reports. (b) To] (2) to furnish [periodically] annually a detailed report of its finances and operations, as provided in section 2 of P.L. , c. (C. ) (pending before the Legislature as this bill), in [such] a form and containing [such] those matters as the board [may from time to time] shall prescribe [.]; and
[Notice of accidents. (c) To] (3) to give [such] notice to the board, as the board may by rule require, of [any and] all accidents which may occur within the State upon the property of any public utility directly or indirectly arising from or connected with its maintenance or operation, and the board may investigate any [such] accident and make [such] an order or recommendation with respect thereto as in [its] the board's judgment may be just and reasonable.
(cf: P.L.1962, c.198, s.10)
2. (New section) a. A public utility shall file with the Board of Public Utilities, on or before March 31 of each year, a report on the audited finances, operations and, pursuant to subsection b. of this section, a compensation disclosure statement of every key employee of the public utility for the preceding calendar year, as prepared by an independent certified public accountant. The audited financial statement shall include, but not be limited to, a balance sheet, statement of income or loss, a statement of changes in financial position, and any other financial information of the public utility the board may require. Information on the operations of the public utility shall include, but not be limited to, investments in the public utility infrastructure and any other information concerning the operations of the public utility the board may require.
b. A public utility shall annually file a compensation disclosure statement of every key employee of the public utility as part of the report required pursuant to subsection a. of this section. The compensation disclosure statement shall include base compensation, bonus and incentive compensation, retirement and other reportable compensation, and nontaxable benefits.
c. The board shall provide on its Internet website the information required pursuant to subsections a. and b. of this section within 30 days of receiving the information from a public utility. The provisions of this subsection shall not apply to any information submitted to the board that the board determines is a trade secret, an energy trade secret submitted pursuant to section 16 of P.L.1977, c.146 (C.52:27F-18), proprietary commercial or financial information, or information, which if disclosed, would be likely to cause damage to either a competitive or bidding position or national security.
d. As used in this section, "key employee" means an individual employed by a public utility involved in the operation of a public utility in a supervisory capacity or empowered to make discretionary decisions that regulate public utility operations.
3. This act shall take effect immediately, but shall remain inoperative for 60 days following the date of enactment.
STATEMENT
The bill requires a public utility to file with the Board of Public Utilities (BPU), on or before March 31 of each year, a report on the audited finances, operations, and a compensation disclosure statement of every key employee, as that term is defined in the bill, of a public utility for the preceding calendar year, as prepared by an independent certified public accountant. The financial information required under the bill is to include an audited financial statement such as a balance sheet, statement of income or loss, a statement of changes in financial position, and any other financial information of the public utility the BPU may require. Information on the operations of the public utility are to include, but not be limited to, investments in the public utility infrastructure and any other information concerning the operations of the public utility the BPU may require.
As part of the report required under the bill, a public utility is to annually file a compensation disclosure statement of every key employee of the public utility. The compensation disclosure statement is to include base compensation, bonus and incentive compensation, retirement and other reportable compensation, and nontaxable benefits of the key employee of the public utility.
The bill requires the BPU to provide on its Internet website the information received from the public utility within 30 days of receiving that information from the public utility. The provisions of the bill are not to apply to any information submitted to the BPU that the BPU determines is a trade secret, an energy trade secret, proprietary commercial or financial information, or information, which if disclosed, would be likely to cause damage to either a competitive or bidding position or national security.
