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Bill > ACR78

NJ ACR78

NJ ACR78
Proposes constitutional amendment requiring State revenue estimates for purposes of a balanced State budget be determined by Governor in accordance with State Revenue Forecasting Integrity Commission.

summary

Introduced
01/09/2024
In Committee
01/09/2024
Crossed Over
Passed
Dead
01/12/2026

Introduced Session

2024-2025 Regular Session

Bill Summary

This concurrent resolution proposes a constitutional amendment that requires that the determination of the total amount of State revenue on hand and anticipated to meet an annual balanced State budget and supplemental State appropriations during a fiscal year be made pursuant to the Governor's certification which shall be in accord with the published estimate of such amount by the State Revenue Forecasting Integrity Commission instead of the current method of annual certification of revenues solely in the Governor's discretion. The Governor's certification may include any reasonable change in the total amount of revenue on hand, and any reasonable change in anticipated revenue, provided that the change in anticipated revenue is based only upon a change in law that affects such anticipated revenue amount, which law is enacted after the publication of the estimate of the commission. Under a companion bill that implements this constitutional amendment, the commission will publish on June 1 annually an estimate of State revenues on hand and anticipated to support a balanced State budget and supplemental appropriations during the next commencing fiscal year. The six member commission will draw upon the expertise and experience of the current professional and political participants in the State revenue estimating process, including the State Treasurer, the Legislative Budget and Finance Officer and the chairpersons and ranking minority party members of the budget committees of the Senate and General Assembly. Pursuant to the companion bill, any changes from the commission's published estimate shall be explained by the Governor in a published written report provided on or before July 15 of that fiscal year containing the specific, detailed reasons for difference in the amount of revenues on hand and in each item of revenue that is certified by the Governor in an amount that is different from the commission's published estimate. Through this constitutional amendment and the companion bill, the process of revenue estimating will be a shared responsibility of both professional and political members of the two branches of government that have traditionally shared a cooperative responsibility for the spending side of the "balanced budget" process.

AI Summary

This concurrent resolution proposes a constitutional amendment that would change how state revenue estimates are determined for balancing the state budget. Specifically, the resolution requires the Governor to certify state revenues in accordance with estimates published by a new State Revenue Forecasting Integrity Commission, rather than having sole discretion in revenue certification. The six-member commission would include key financial officials like the State Treasurer, Legislative Budget and Finance Officer, and leaders from legislative budget committees. The Governor would still have some flexibility, being allowed to make reasonable changes to revenue estimates, but only if those changes are based on new laws enacted after the commission's initial estimate. If the Governor's certification differs from the commission's published estimate, they would be required to provide a detailed written explanation by July 15th of the fiscal year. The proposed amendment aims to create a more collaborative and transparent process for revenue estimation, sharing responsibility between professional and political members of government. If approved by voters, the amendment would first apply to the annual appropriation act and supplemental appropriations for the fiscal year following voter approval.

Committee Categories

Government Affairs

Sponsors (1)

Last Action

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

bill text

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Document Type Source Location
State Bill Page https://www.njleg.state.nj.us/bill-search/2024/ACR78
BillText https://pub.njleg.gov/Bills/2024/ACR/78_I1.HTM
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