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).

Full Bill Text