Bill > SCR34

This Concurrent Resolution proposes an amendment to the New Jersey Constitution that would require the State budget to be balanced using only "recurring revenue," which refers to money consistently collected through normal tax cycles, and would exclude "nonrecurring revenue," which are one-time or short-term income sources. The amendment allows for exceptions to this rule, permitting the budget to exceed recurring revenue in times of crisis such as war, invasion, insurrection, or disaster, but only if approved by a two-thirds vote in both houses of the Legislature. 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, compared to the previous fiscal year. Any unspent recurring revenue from a fiscal year must be deposited into a "Surplus Revenue Fund," often called a "rainy day fund," for future use.