SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 2943

STATE OF NEW JERSEY

DATED: JUNE 27, 2022

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 2943.

      As reported, 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.