ASSEMBLY BUDGET COMMITTEE

STATEMENT TO

ASSEMBLY, No. 4405

STATE OF NEW JERSEY

DATED:  JUNE 27, 2022

      The Assembly Budget Committee reports favorably Assembly Bill No. 4405.

     This bill increases the statutory spending limitation of the New Jersey Transportation Trust Fund Authority from $16 billion over eight years from fiscal year 2017 to fiscal year 2024 to $16.6 billion over the same period. 

     The $600 million increase in the statutory spending limit would allow the fiscal year 2024 Annual Transportation Capital Program to be supported at its full intended average annual level of $2 billion.  The increase would offset the additional $600 million investment that was made in fiscal year 2021, to capitalize on extremely low traffic levels during the height of the COVID-19 pandemic, which allowed certain road and bridge projects to be completed much faster and in a more cost effective manner. 

FISCAL IMPACT:

      Fiscal information for this bill is currently unavailable for this bill.