Bill > S1667

Introduced Session

This bill requires the Governor's annual budget message to include a budget sustainability statement. This bill is intended to improve the stability of the State fisc by requiring the Executive Branch to engage in budget planning practices covering two full fiscal years. The budget sustainability statement will provide an analysis of the feasibility of funding the appropriations at the level proposed in the budget message in the next succeeding fiscal year without increasing taxes or reducing the State's undesignated fund balance. The bill also requires the budget sustainability statement to consist of an accounting of all one-time, non-recurring State revenues, an estimate of any decline in State revenue collections due to the expiration of a law authorizing the imposition of a tax or fee, and estimates of any increases in appropriations required to make debt service payments and meet other contractual obligations, including collective bargaining agreements, and to support public assistance program, such as the State Medicaid Program and Work First New Jersey. Any increases in appropriations projected in the budget sustainability statement may be offset by a reasonable estimate of the amount of additional State revenue anticipated to be collected in the fiscal year next following the succeeding fiscal year and any estimated decrease in appropriations required pursuant to the State Constitution, or any provision of law or contract.

Committee Categories

Declan O'Scanlon (R)*,  Mike Testa (R), 

Introduced in the Senate, Referred to Senate Budget and Appropriations Committee (on 01/09/2024)

Official Document