(TRENTON) – Legislation sponsored by Assembly Budget Chairman Vincent Prieto to require prompt monthly reporting on the condition of the state’s major budget funds and revenues was released 12-0 Friday by the Assembly Budget Committee.
The bill (A-2885) requires prompt monthly reporting on major state budget funds and disclosure of the state’s accrued revenues compared with anticipated revenues.
“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 (D-Hudson/Bergen). “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.”
The law requiring the state to update its budget funds and revenues was last amended in 1977.
Under the bill, 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.
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.
“Transparency when it comes to the status of taxpayer money is always a good thing,” Prieto said. “I look forward to the administration’s support and cooperation.”