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NJ S1411
NJ S1411Requires stress testing on State's ability to provide services in various economic conditions.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/30/2025
01/30/2025
Crossed Over
01/30/2025
01/30/2025
Passed
Dead
01/12/2026
01/12/2026
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires the Department of the Treasury to, once every third year, conduct and report on a stress test analysis of the State's ability to maintain services and provide necessary assistance to residents in various economic conditions. The stress test analyses required by this bill would 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. Under the bill, the Department of the Treasury is required to make the stress test analyses publicly accessible on its website, and include it as part of the Governor's annual budget message.
AI Summary
This bill mandates that the Department of the Treasury conduct a "stress test" every three years to assess the State's capacity to continue providing essential services and aid to its residents during different economic scenarios, such as recessions. This analysis will involve projecting both immediate and future income from key sources like major taxes and federal funding, comparing these projections to past trends, and examining how government spending might change under various economic conditions. It will also detail the State's financial reserves, including funds in the "Surplus Revenue Fund," and outline potential strategies the State can employ to manage and mitigate the effects of economic downturns. The findings of these stress tests will be made publicly available on the Treasury Department's website and included in the Governor's annual budget proposal.
Committee Categories
Business and Industry, Government Affairs
Sponsors (5)
Troy Singleton (D)*,
Shirley Turner (D)*,
Nilsa Cruz-Perez (D),
Declan O'Scanlon (R),
Parker Space (R),
Last Action
Received in the Assembly, Referred to Assembly State and Local Government Committee (on 01/30/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S1411 |
| BillText | https://pub.njleg.gov/Bills/2026/S1500/1411_I1.HTM |
| Analysis - Statement SEG 6/10/24 | https://pub.njleg.gov/Bills/2024/S1500/1411_S1.PDF |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2024/S1500/1411_T1.PDF |
| BillText | https://pub.njleg.gov/Bills/2024/S1500/1411_I1.HTM |
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