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Home Source documents Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4234, Dated February 13, 2023

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

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated February 13, 2023, reporting Assembly Bill 4234 favorably with committee amendments. The bill requires the Department of the Treasury to conduct and report on a stress test analysis of the State's ability to maintain services and assist residents in various economic conditions once every third year, rather than annually as introduced. The analysis covers projections of major funding sources against historical trends, expenditures likely to rise or fall, State reserves including the Surplus Revenue Fund, and options to lessen the impact of recessions. As reported, the bill is identical to Senate Bill 2539.

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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 r equire
the Department of the Treasury to conduct a stress test once every third year,
rather than annually.

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