ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 878

STATE OF NEW JERSEY

DATED: MARCH 4, 1996

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably Assembly Bill No. 878.

      As reported, this bill amends the "Atlantic City Convention Center Authority Act," P.L.1981, c.459 (C.52:27H-29 et seq.) to require that the authority complete its mandatory annual audit on a calendar year basis rather than a fiscal year basis, as is currently the case. This amendment is necessary to coordinate the authority's audit year with the terms of the contract the authority recently entered into with the New Jersey Sports and Exposition Authority for the construction and operation of the Atlantic City Convention Center.

      In conformance with the change in audit periods, the bill also supplements P.L.1981, c.459 to provide for a calendar-year budget cycle. These changes would take effect January 1 next following enactment of the bill, and a six-month transition budget would precede the first calendar-year budget.

      This bill was pre-filed for introduction in the 1996 session pending technical review. As reported, the bill includes the changes required by technical review which has been performed.