Assembly Commerce and Economic Development Committee Statement to Senate, No. 2539 (February 13, 2023)

Summary

An Assembly Commerce and Economic Development Committee statement to the Senate on Senate Bill No. 2539 (1R), State of New Jersey, dated February 13, 2023, reporting the bill 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 provide assistance to residents in various economic conditions. Each stress test would include projections of major funding sources, comparisons with historical trends, expenditures likely to change, an accounting of reserves including the "Surplus Revenue Fund," and options to respond to economic recessions. The department would post the results on its website and included in the Governor's annual budget message.

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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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