Bill > SCR28

This Concurrent Resolution proposes an amendment to the New Jersey Constitution to ensure the State budget is balanced using only regularly collected revenue, known as "recurring revenue," and not one-time income like special sales or short-term financial efforts, which are referred to as "nonrecurring revenue." The amendment allows for exceptions to this rule only in times of crisis, such as war, invasion, insurrection, or natural disaster, and only if both houses of the Legislature approve it with a two-thirds vote. Furthermore, the resolution limits the growth of the State budget, stipulating that it cannot increase by more than the rate of inflation, as measured by the Consumer Price Index (CPI), which is an average of consumer price indices for urban consumers in the New York City and Philadelphia areas. Any recurring revenue that is collected but not spent during a fiscal year must be placed into a "Surplus Revenue Fund," often called a "rainy day fund," for future use.