SENATE BUDGET AND APPROPRIATIONS COMMITTEE
STATEMENT TO
SENATE, No. 3519
with committee amendments
STATE OF NEW JERSEY
DATED: MARCH 22, 2021
The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 3519, with committee amendments.
As amended, the bill makes $15 million in federal funds available to the Economic Development Authority (EDA) to award grants to businesses and nonprofits in need. The EDA may use up to five percent of these funds to support administrative expenses.
The bill also allows the EDA to transfer the uncommitted balance of these funds to certain other programs administered by the authority using federal COVID-19 response funding. However, the EDA would be required to submit notice of the transfer to the Joint Budget Oversight Committee.
COMMITTEE AMENDMENTS:
The committee amended the bill to:
(1) restructure the bill such that it is not a supplemental appropriation, but rather makes funding available for the bill’s designated purpose;
(2) allow the EDA to use up to five percent of the federal funds to support administrative expenses incurred in the implementation of the bill; and
(3) allow the EDA to transfer the uncommitted balance of federal funds to certain other programs administered by the authority using federal COVID-19 response funding, provided that the EDA submit notice to the Joint Budget Oversight Committee.
FISCAL IMPACT:
This bill is not certified as requiring a fiscal note.