Bill > A5877

Introduced Session

This bill requires the Department of the Treasury to conduct and report on an annual basis a stress test analysis of the State's ability to maintain services and provide necessary assistance to residents in various economic conditions. Stress tests analyses can be used to help governments better prepare for future economic recessions. The stress test analyses required by this bill will include (1) long- and short-term projections of major funding sources, including revenues from major taxes and funding from the federal government; (2) a comparison between projections of major funding sources and historical trends for each of those funding sources; (3) an analysis of expenditures that are likely to increase or decrease in various economic conditions; (4) an accounting of the State's reserves, including amounts deposited into the "Surplus Revenue Fund"; and (5) options that the State has to respond to, and lessen the negative impact of, economic recessions.

AI Summary

Committee Categories

Herbert Conaway (D)*,  Anthony Verrelli (D)*, 

Introduced, Referred to Assembly Commerce and Economic Development Committee (on 06/14/2021)