ASSEMBLY, No. 2885

STATE OF NEW JERSEY

215th LEGISLATURE

 

INTRODUCED MAY 21, 2012

 


 

Sponsored by:

Assemblyman  VINCENT PRIETO

District 32 (Bergen and Hudson)

Assemblyman  TROY SINGLETON

District 7 (Burlington)

Assemblywoman  SHAVONDA E. SUMTER

District 35 (Bergen and Passaic)

 

Co-Sponsored by:

Senators Sarlo and Greenstein

 

 

 

 

SYNOPSIS

     Requires prompt monthly reporting on condition of major State budget funds and disclosure of the State's accrued revenues compared with anticipated revenues.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act concerning monthly State funds and revenue reporting, amending section 37 of article 3 of P.L.1944, c.112.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 37 of article 3 of P.L.1944, c.112 (C.52:27B-46) is amended to read as follows:

     37.  The Director of the Division of Budget and Accounting shall prepare, within 60 days following December 31 and 90 days following the last day in which annual appropriations are available for expenditure during each fiscal year, a complete report showing:

     a.     Balance sheet of all assets and liabilities for all State funds.

     b.    Statement of General State Fund accrued revenues as compared with anticipated revenues.

     c.     Summary report of the General State Fund showing the condition of the appropriations, which shall reflect the original appropriation, supplemental appropriations, appropriated revenue, reappropriations, transfers to and from, allotments from the emergency fund and expenditures made against such appropriations.

     d.    Such other information as he may deem necessary and proper.

     Such statement, certified by the director, shall be transmitted forthwith to the Governor, and shall be and remain a public document on file in the office of the director, subject to inspection by any citizen of the State, who shall have the right to make or obtain copies thereof under such reasonable regulations as the director may prescribe.  Copies of said statement shall be transmitted at the same time to the President of the Senate, the Speaker of the General Assembly, the chairman of the respective appropriation committees, the State Treasurer and the State Auditor. In addition the director shall prepare and publish a summarized monthly report of the General State Fund, the Property Tax Relief Fund, and the Casino Revenue Fund no later than [30 days] the 10th working day following the end of each month which shall reflect the accrued revenues as compared with anticipated revenues, itemized by revenue source for major taxes, by department for miscellaneous revenues, by department for major sources of Federal aid budgeted and with information on income to the General State Fund from the major dedicated and trust funds and to the Property Tax Relief Fund and the Casino Revenue Fund.  The monthly report shall reflect the condition of the appropriations and other such data which the director shall determine.  Copies of the monthly reports shall be transmitted at the same time to the President of the Senate, the Speaker of the  General Assembly, the chairman of the respective appropriation and budget committees, the State Treasurer, the Legislative Budget and Finance Officer and posted on the official website of the Division of Budget and Accounting in the Department of the Treasury and remain posted for the duration of the next three full fiscal years.

(cf: P.L.1977, c.158, s.1)

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill brings up to date the State funds and revenues monthly reporting requirements statute.  This requirement added to the responsibilities of the Director of the Division of Budget and Accounting in 1944 was last amended in 1977.  This provision of law will enhance the current practice of monthly reporting to include the condition and income of all major State funds, including prompt disclosure of the State's accrued revenues as compared with anticipated revenues, itemized by revenue source for major taxes.

     The monthly report is to be completed and published no later than the 10th working day following the end of each month, instead of at the end of the following month.  The bill also expands the reporting requirement to include the Property Tax Relief Fund and the Casino Revenue Fund.  Monthly reports are to be transmitted to the President of the Senate, the Speaker of the  General Assembly, the chairman of the respective appropriation and budget committees, the State Treasurer, the State Auditor and posted online on the official website of the Division of Budget and Accounting in the Department of the Treasury for the duration of three consecutive fiscal years.