Sponsored by:
Assemblyman JOSEPH CRYAN
District 20 (Union)
Assemblyman TROY SINGLETON
District 7 (Burlington)
SYNOPSIS
Requires annual report on costs of projects funded by NJ Environmental Infrastructure Trust.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the costs of projects financed by the New Jersey Environmental Infrastructure Trust, and supplementing P.L.1985, c.334 (C.58:11B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. The New Jersey Environmental Infrastructure Trust shall, on an annual basis, prepare a report that provides for each project that receives financing from the trust during the preceding fiscal year:
(1) the amount and sources of financing provided for the project;
(2) a detailed description of the project's design, engineering and environmental information;
(3) the initial cost estimate prepared by the project engineer or other qualified person;
(4) any revised cost estimates submitted prior to the commencement of construction;
(5) the names and other identifying information of any contractors awarded contracts for the project's construction;
(6) information concerning the project's redesign, if any, including reasons for a redesign, and revised cost estimates attributable to the redesign;
(7) whether the project costs exceed the initial or revised cost estimates; and
(8) the reasons for any project cost exceedences.
b. The report shall be submitted to the Governor, the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1), and the chairpersons of the Assembly Environment and Solid Waste Committee and the Senate Environment and Energy Committee, or their designated successors.
2. This act shall take effect immediately.
STATEMENT
This bill would require the New Jersey Environmental Infrastructure Trust to prepare and submit a report annually that details for each project that is financed during the preceding fiscal year: the amount and sources of financing provided for the project; a detailed description of the project's design; engineering and environmental information; the initial cost estimate prepared by the project engineer or other qualified person; any revised cost estimates submitted prior to the commencement of construction; the names and other identifying information of any contractors awarded contracts for the project's construction; information concerning the project's redesign, if any, including reasons for a redesign, and revised cost estimates attributable to the redesign; whether the project costs exceed the initial or revised cost estimates; and reasons for any project cost exceedence. The reporting of this information will provide additional transparency on the use of State and federal funds for infrastructure projects.