Bill > A1416

Introduced Session

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. 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

Clinton Calabrese (D)*,  Roy Freiman (D)*,  Shama Haider (D)*,  Vicky Flynn (R),  Michael Inganamort (R),  Julio Marenco (D), 

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document