Title: Requires Governor to Forecast State Revenue
Vote Smart's Synopsis:
Vote to pass a bill that requires the governor to plan a state revenue forecast and account for any revenue shortfalls, effective immediately.
Highlights:
Establishes the New Jersey Revenue Advisory Board provide to the governor with forecasts for state revenues anticipated for the current and next 3 fiscal years, consisting of the following members (Sec. 1):
The State Treasurer;
The Legislative Budget and Finance officer; and
An individual who is educated or experienced in tax policy and revenue analysis.
Requires the governor to establish a contingency plan in addition to the annual budget to address a potential revenue shortfall, equal to 3 percent of total budget appropriations plus the amount by which state revenue exceeds the advisory board’s forecast for the fiscal year (Sec. 7).
Requires the Director of the Division of Budget and Accounting to publish a monthly report comparing the accrued and anticipated revenues of the Property Tax Relief Fund and the Casino Revenue Fund (Sec. 8).
Requires the director to design, develop, and maintain a public searchable database containing all of the appropriations recommended by the governor for the current, and the next, fiscal year (Sec. 5).