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Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4234 (February 13, 2023)

Summary

Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4234, State of New Jersey, dated February 13, 2023. The committee reports favorably Assembly Bill No. 4234 with committee amendments. As amended, the bill requires the Department of the Treasury, once every third year, to conduct and report on a stress test analysis of the State's ability to maintain services and provide necessary assistance to residents in various economic conditions. The statement states that, as amended and reported, the bill is identical to Senate Bill No. 2539(1R), which was also reported by the committee on that date. The committee amendments change the stress test from annual to once every third year.

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Cite this document

“Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4234 (February 13, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-02-13-ace-a4234-s1-6b3e6c40c9/, SHA-256 1b1950e83cc83f6c7e5fa3ab97df4eb562a3c061c9ad56115f32ec98b4e37779.

Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                           STATEMENT TO

                      ASSEMBLY, No. 4234
                          with committee amendments



       STATE OF NEW JERSEY
                         DATED: FEBRUARY 13, 2023

          The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4234, with committee
      amendments.
          As amended, this bill requires the Department of the Treasury to,
      once every third year, conduct and report on a stress test analysis of
      the State’s ability to maintain services and provide necessary
      assistance to residents in various economic conditions. Stress tests
      analyses can be used to help governments better prepare for future
      economic recessions.
          The stress test analyses required by this bill will include: (1) long-
      and short-term projections of major funding sources, 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; (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”; and (5)
      options that the State has to respond to, and lessen the negative impact
      of, economic recessions.
          As amended and reported by the committee, Assembly Bill No.
      4234 is identical to Senate Bill No. 2539(1R), which was also reported
      by the committee on this date.

      COMMITTEE AMENDMENTS:
         The committee amendments require the Department of the
      Treasury to conduct a stress test once every third year, rather than
      annually.

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