SENATE, No. 169

 

STATE OF NEW JERSEY

 

Introduced Pending Technical Review by Legislative Counsel

 

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

 

 

By Senator KENNY

 

 

An Act requiring the periodic reporting of State revenue collections, amending R.S.52:18-11 and P.L.1979, c.8.

 

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

    1. R.S.52:18-11 is amended to read as follows:

    52:18-11. The state treasurer shall, in addition to the other duties imposed upon [him] the treasurer by law:

    a. Receive and keep the moneys of the state, disburse the same according to law and take receipts for all moneys which [he] the treasurer shall pay;

    b. Keep accounts of the receipts and expenditures of the public money and of the debts due to or from the state;

    c. (1) Make reports and give information to either branch of the legislature, in person or in writing, as may be required, respecting all matters referred to [him] the treasurer by either branch of the legislature, or which shall pertain to [his] the treasurer's office.

    (2) Issue reports in writing:

    (a) of the amount of State revenues collected to support appropriations for the fiscal year within 10 days following the end of each month in each fiscal year in a format that reflects current and year-to-date cash comparison of revenues itemized by revenue source for major taxes, and

    (b) of the amount of State revenues actually collected to support appropriations for the fiscal year within 15 days following September 30, December 31, March 31, and May 31 in each fiscal year. The report shall be in a format that reflects current and year-to-date cash comparison of revenues collected for that fiscal year and shall be itemized by revenue source for major taxes, by department for miscellaneous revenues and by department for major sources of Federal aid budgeted, and with information on income to the General Fund from the major dedicated and trust funds.

    The reports shall be transmitted to the Governor, the President of the Senate, the Speaker of the General Assembly, the chairs of the Senate and General Assembly appropriations committees, the Senate minority leader, the General Assembly minority leader, the Legislative Budget and Finance Officer and the State Auditor.

    (c) The report required in paragraph (b) of this subsection also shall be transmitted to the editor-in-chief or publisher of the official newspaper of each county of this State as designated by resolution pursuant to R.S.40:23-13. If a county does not have an official newspaper, the reports shall be transmitted to the editor-in-chief or publisher of a newspaper with a daily general circulation in the county, which newspaper is qualified to publish official State notices pursuant to section 1 of P.L.1938, c.328 (C.35:1-2.1).

    d. Perform all such services relative to finances as he shall be directed to perform.

(cf: R.S.52:18-11)

 

    2. Section 15 of P.L.1979, c.8 (C.52:11-68) is amended to read as follows:

    15. It shall be the duty of the Legislative Budget and Finance Officer to:

    a. At the request of the Legislature or any member thereof, collect and assemble factual information relating to the fiscal affairs of the State;

    b. At the request of the Legislature or any member thereof, examine requests for appropriations and receive and investigate the truth, fairness and correctness of all claims against the State for payment of which appropriations are to be requested;

    c. (1) Report to the Legislature through the Joint Appropriations Committee, or the Senate and Assembly appropriations committees, or in such other manner as shall be directed by the Legislature, upon the foregoing and as to any other matter which may be of assistance to said committee or committees or the Legislature in forming an independent judgment in the determination of any fiscal matters before it and attend upon the Joint Appropriations Committee or the Senate and Assembly appropriations committees, during [its] committee sittings and hearings and perform such services for [it] the committee or committees as [it] the committee or committees shall direct, and

    (2) Report in writing on the amount of State revenues actually collected to support appropriations for the fiscal year within 15 days following September 30, December 31, March 31, and May 31 in each fiscal year. The report shall be in a format that reflects current and year-to-date cash comparison of revenues collected for that fiscal year and shall be itemized by revenue source for major taxes and by department for miscellaneous revenues.

    The reports shall be transmitted to the President of the Senate, the Speaker of the General Assembly, the chairs of the Senate and Assembly appropriations committees, the Senate minority leader and the Assembly minority leader, and the State Auditor;

    d. Provide the Legislature with expenditure information and, upon request, performance analyses of programs and transactions.

(cf: P.L.1985, c.162, s.12)

 

    3. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill requires the State Treasurer to make monthly and primarily quarterly reports on actual State revenues collected during a fiscal year to support appropriations for that fiscal year. In addition, the bill requires the Legislative Budget and Finance Officer to prepare primarily quarterly reports on actual revenue collections during the State fiscal year. The reports prepared by both the State Treasurer and the Legislative Budget and Finance Officer would be submitted to certain specified persons, including the President of the Senate, the Speaker of the General Assembly, the chairs of the Senate and General Assembly appropriations committees, and the Senate and General Assembly minority leaders. In addition, the State Treasurer's quarterly reports would be transmitted to a newspaper in each county.

    Currently, no formal method exists for periodic legislative reviews of revenue collections during a fiscal year. Therefore, the reports required by this bill will aid the Legislature in its evaluation of the State fiscal condition during certain points in the course of a fiscal year.

 

 

Requires monthly and quarterly reports of fiscal year revenues by State Treasurer and quarterly reports by Legislative Budget and Finance Officer.