Sponsored by:
Assemblyman GARY S. SCHAER
District 36 (Bergen and Passaic)
Assemblywoman ELIANA PINTOR MARIN
District 29 (Essex)
SYNOPSIS
Requires Governor to include multi-year revenue forecasts in annual budget message.
CURRENT VERSION OF TEXT
As introduced.
An Act modifying the executive State budget presentation to require multi-year revenue forecasts, supplementing Title 52 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The Governor shall, together with the Governor’s budget recommendations and budget message required pursuant to section 11 of article 3 of P.L.1944, c.112 (C.52:27B-20), provide projections of anticipated revenues from all sources for the current fiscal year and next three ensuing fiscal years. Statements of underlying assumptions and methodologies shall accompany the projections of anticipated revenue required pursuant to this section.
2. This act shall take effect immediately and apply to each fiscal year beginning on or after July 1, 2022.
STATEMENT
This bill requires the Governor to provide projections of anticipated revenues from all sources for the current fiscal year and next three ensuing fiscal years as part of the Governor’s budget recommendations and budget message. Statements of underlying assumptions and methodologies are required for the revenue projections.
Currently, the Governor’s budget recommendations and budget message only include projections for the current fiscal year and the next ensuing fiscal year. By shifting to multi-year forecasts, State government will be better equipped to address anticipated revenue changes stemming from State policy or external factors, such as federal policy changes.