Monthly Budget Updates Required Under Legislation
The Assembly Budget Committee is meeting today to consider the Democrat-sponsored $31.741 billion budget bill. The panel will also vote on a measure to increase the state income tax on New Jersey’s roughly 16,000 millionaires. Before the committee gets to the main events, members are considering other undercard, but still budget-related bills.
This morning the panel approved a bill sponsored by committee chairman, Assemblyman Vinnie Prieto to require prompt monthly reporting on the condition of the state’s major budget funds and revenues. The legislation the monthly report is to be completed and published no later than the 10th working day following the end of each month, instead of at the end of the following month. The bill also expands the reporting requirement to include the Property Tax Relief Fund and the Casino Revenue Fund.
“This will enhance the current practice of monthly reporting to include the condition and income of all major state funds, including prompt disclosure of the state’s accrued revenues as compared with anticipated revenues, itemized by revenue source for major taxes,” said Prieto. “Improved disclosure and transparency can only help the taxpayers better understand our budget situation. That’s something everyone who supports open government should support without a pause.”
Monthly reports are to be transmitted to the President of the Senate, the Speaker of the General Assembly, the chairman of the respective appropriation and budget committees, the state treasurer, the state auditor and posted online on the official website of the Division of Budget and Accounting in the Department of the Treasury for the duration of three consecutive fiscal years.
The full State senate and Assembly are expected to vote on the bill Monday.