LEGISLATIVE FISCAL ESTIMATE
[Second Reprint]
ASSEMBLY, No. 3869
STATE OF NEW JERSEY
218th LEGISLATURE
DATED: FEBRUARY 5, 2019
SUMMARY
Synopsis: |
Provides funding from the General Fund to the Greater Wildwoods Tourism Improvement and Development Authority; appropriates $4 million. |
Type of Impact: |
Annually from FY 2019 through FY 2033: Increased State expenditures and increased revenue to the Greater Wildwoods Tourism Improvement and Development Authority. |
Agencies Affected: |
Department of the Treasury. Greater Wildwoods Tourism Improvement and Development Authority. |
Fiscal Impact |
Annually from FY 2019 to FY 2033 |
|
State Expenditure Increase |
$4,000,000 |
|
Local Authority Revenue Increase |
$4,000,000 |
|
|
|
· The Office of Legislative Services (OLS) estimates that the Greater Wildwoods Tourism Improvement and Development Authority will receive an additional $4 million per year under this bill for a period of 15 years from FY 2019 through FY 2033, for a total fiscal impact of $60 million. This represents an expenditure increase to the State and a revenue increase for the authority.
· The bill provides for a supplemental appropriation of $4 million in FY 2019.
BILL DESCRIPTION
This bill requires an appropriation from the State General
Fund to the Greater Wildwoods Tourism Improvement and Development Authority of
$4 million per year from FY 2020 through FY 2033, and makes a supplemental
appropriation of $4 million to the authority for FY 2019. The annual appropriation
is to be used for boardwalk construction, maintenance, reconstruction, and
repair.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS estimates that the Greater Wildwoods Tourism Improvement and Development Authority will receive an additional $4 million per year under this bill for a period of 15 years from FY 2019 through FY 2033, for a total fiscal impact of $60 million. This represents an expenditure increase to the State and a revenue increase for the authority. The supplemental appropriation will directly provide $4 million in FY 2019.
Section: |
|
Analyst: |
Principal Fiscal Analyst |
Approved: |
Frank W. Haines III Legislative Budget and Finance Officer |
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).