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.

 

 

Office of Legislative Services Estimate

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:

Authorities, Utilities, Transportation and Communications

Analyst:

Patrick Brennan

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.).