SENATE, No. 233

 

STATE OF NEW JERSEY

 

Introduced Pending Technical Review by Legislative Counsel

 

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

 

 

By Senator INVERSO

 

 

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

 

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

 

    1. (New section) In addition to the certification of State revenues required pursuant to Article VIII, Section II, paragraph 2 of the New Jersey Constitution, the Governor shall make updated quarterly certifications, on or before the 15th day of the month preceding the commencement of each quarter of the State fiscal year, of the amount of State revenues available to support appropriations for that fiscal year.

 

    2. 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 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 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. 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 by either branch of the legislature, or which shall pertain to his office, which shall include written reports provided to the Governor and the Legislature within 15 days following the periods ending November 30, March 31, April 30, and May 31 in each State fiscal year, of the amount of State revenue collected to support appropriations for that fiscal year; and

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


directed to perform.

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

 

    3. 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. Report to the Legislature through the Joint Appropriations Committee, or the Senate Budget and Appropriations Committee, and the Assembly Appropriations Committee, as the case may be, 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, which shall include written reports within 15 days following the periods ending November 30, March 31, April 30, and May 31 in each State fiscal year, of the amount of State revenue collected to support appropriations for that fiscal year, and attend upon the Joint Appropriations Committee or the Senate Budget and Appropriations Committee, and the Assembly Appropriations Committee, as the case may be, during [its] committee sittings and hearings and perform such services for [it] the committee or committees as [it] the committee or committees shall direct;

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

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

 

    4. This act shall take effect immediately.

 

 

STATEMENT

 

    This bill requires the Governor to make quarterly updated State revenue certifications for the State fiscal year in addition to the revenue certification required to be made by the Governor upon enactment of the annual State appropriations act pursuant to the State Constitution. The bill also requires that the State Treasurer and the Legislative Budget and Finance Officer annually prepare four periodic reports on revenue collections during the State fiscal year. These quarterly revenue certifications and reports will enable the Legislature to better evaluate the status of revenue collections during a fiscal year. These certifications and reports will be in addition to the quarterly revenue forecasts required to be made by the State Revenue Forecasting Advisory Commission.

    Currently there is no other formal statutory method for legislative review of revenue collections and forecasts. The Governor's certification is made upon approval of the annual appropriations act and is customarily subject to irregular and informal revisions by the Governor or the State Treasurer during a fiscal year. However, this current system may contribute to the intrusion of institutional biases and partisan politics into the delicate constitutional task of planning and implementing a balanced State budget. The regular, periodic reporting of revenue collections, and quarterly updated certifications by the Governor, will contribute to a more rational, regular review by the Legislature of State revenue collections and of the inherently uncertain task of State revenue forecasting.

 

 

 

Requires quarterly updated fiscal year revenue certifications by the Governor and periodic revenue reports from the State Treasurer and the Legislative Budget and Finance Officer.