SENATE BUDGET AND APPROPRIATIONS COMMITTEE
STATEMENT TO
SENATE, No. 3980
STATE OF NEW JERSEY
DATED: JUNE 27, 2023
The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 3980.
This bill adds $400 million from the General Fund to the “New Jersey Debt Defeasance and Prevention Fund,” and appropriates a total of $371 million in the following manner:
· $90 million to the Department of Corrections for the design and construction of a new facility to replace the Edna Mahan Correctional Facility for Women;
· $120 million to the Department of Law and Public Safety for the design and construction of a State Police Training Center;
· $24 million to the South Jersey Port Corporation for the purpose of funding capital projects, including maintenance, repair, and technology projects; and
· $137 million to the Department of Transportation to pay all or any portion of the State match required as a condition of receiving federal funds made available to certain eligible entities for transportation projects.
The bill also authorizes balances remaining in the fund, including amounts previously credited to the fund, to be appropriated for the purpose of retiring and defeasing State debt and funding capital projects on a pay-as-you-go basis rather than issuing additional State debt.
Finally, the bill establishes a process by which the Executive and Legislative branches of State government will determine future appropriations from the fund for capital projects. The bill requires the Joint Budget Oversight Committee (JBOC) to meet at least once each calendar quarter to consider appropriations for capital projects on lists provided by the State Treasurer. JBOC may appropriate funding for all, some, or none of the projects recommended by the State Treasurer. If JBOC fails to meet during a given calendar quarter, any recommendation submitted to JBOC more than 45 days prior to the last day of the calendar quarter is deemed approved.
FISCAL IMPACT:
Fiscal information for this bill is currently unavailable.