A new, bipartisan report released today indicated that New Jersey has deferred investment in its major systems for too long, and the deficiencies must be addressed now with a sense of urgency.

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Facing Our Future, a group of 20 former government officials and public servants, addressed the needs and required investments in three areas - electric power, transportation and water systems. Today, we'll look at the issue of water.

The group's Ingrid Reed said the water systems infrastructure is "failing," noting an annual loss of more than 20 percent of the state's treated water supply because of leaking pipes.

The report also suggested New Jersey obtain and increase funding for open space preservation to protect and preserve watershed lands, in order to assure water supply and quality.

The suggested price tag is $40.7 billion in order to get the state's water systems infrastructure to where it needs to be, over the next five to 20 years.

Facing Our Future started working on the report before Superstorm Sandy hit New Jersey, but members of the group said Sandy showed how much the suggested investments are needed.