Bill > S4389

This bill requires the State Treasurer, in consultation with the State Comptroller, to develop comprehensive rules and regulations governing how independent State authorities (public agencies or corporations not directly under a state department's control) award contracts for goods and services. The regulations aim to create a transparent, fair, and competitive procurement process by establishing detailed best practices such as advertising to a wide pool of potential bidders, using merit-based evaluation criteria, ensuring clear and detailed work statements, forming unbiased evaluation committees, and thoroughly documenting each step of the procurement process. The bill also provides several exceptions to these rules, including for small-value contracts, emergency purchases, unique vendor situations, contracts with other government entities, and instances involving innovative ideas. Under these exceptions, authorities must still provide written justification and certification for their procurement decisions. Additionally, the bill mandates that the State Treasurer and Comptroller review these regulations every two years to ensure they reflect current best practices, with an overarching goal of increasing transparency, reducing potential conflicts of interest, and improving the efficiency and fairness of contract awards by independent State authorities.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/S4389