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Home Source documents Assembly Commerce and Economic Development Committee Statement to [First Reprint] Senate, No. 2539, Dated February 13, 2023

Assembly Commerce and Economic Development Committee Statement to [First Reprint] Senate, No. 2539, 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 Senate Bill 2539 (First Reprint) favorably. 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 assist residents in various economic conditions. 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 respond to recessions. It must be posted on the department's website and included in the Governor's annual budget message. The bill is identical to Assembly Bill 4234.

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Full text

ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                           STATEMENT TO

                              [First Reprint]
                         SENATE, No. 2539

       STATE OF NEW JERSEY
                          DATED: FEBRUARY 13, 2023

          The Assembly Commerce and Economic Development Committee
      reports favorably Senate Bill No. 2539 (1R).
          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.
          The stress test analyses required by this bill would 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.
          Under the bill, the Department of the Treasury is required to make
      the stress test analyses publicly accessible on its website, and include it
      as part of the Governor’s annual budget message.
          As reported by the committee, Senate Bill No. 2539(1R) is
      identical to Assembly Bill No. 4234, which was amended and reported
      by the committee on this date.

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2023-02-13_ACE_S2539_S3.pdf
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2023-02-13_ACE_S2539_S3.pdf
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pub.njleg.state.nj.us
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