ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 878

STATE OF NEW JERSEY

DATED: MARCH 25, 1996

      The Assembly Appropriations Committee reports favorably Assembly Bill No. 878.

      Assembly Bill No. 878, 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 legislation 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 legislation 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 Assembly No. 2658 in the 1994 and 1995 session and passed the General Assembly on November 9, 1995.

FISCAL IMPACT:

      This bill was not certified as requiring a fiscal note.