LEGISLATIVE FISCAL ESTIMATE
ASSEMBLY, No. 2353
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: MAY 20, 2024
SUMMARY
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Synopsis: |
Establishes “Scientific Conference Grant Program”; appropriates $250,000. |
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Type of Impact: |
State expenditure increase from the General Fund. Revenue and expenditure increases for institutions of higher education. |
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Agencies Affected: |
Office of the Secretary of Higher Education; Institutions of higher education. |
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Office of Legislative Services Estimate |
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Fiscal Impact |
Year 1 |
Year 2 and Thereafter |
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State Cost Increase |
Up to $250,000 |
Indeterminate |
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Institutions of Higher Education Revenue Increase |
Up to $250,000 |
Indeterminate |
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Institutions of Higher Education Cost Increase |
Indeterminate |
Indeterminate |
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· The Office of Legislative Services (OLS) concludes that the bill may result in a State cost increase of up to $250,000 in the first year the bill is in effect. If the full $250,000 is not expended in the first year, the residual amount will be spent in subsequent fiscal years until the full $250,000 is exhausted. Costs to the State in subsequent years to continue providing grants under the program are indeterminate.
· The State expenditure increase would lead to a concurrent revenue increase for institutions of higher education that receive grants under the program. The grants would be used to defray costs associated with hosting a scientific conference or seminar.
BILL DESCRIPTION
This bill establishes in the Office of the Secretary of Higher Education the Scientific Conference Grant Program, which would award grants to institutions of higher education in the State that host scientific conferences and seminars. Grants awarded under the program would be used to defray costs associated with hosting a scientific conference or seminar, such as speaker fees, honoraria, travel, and lodging. The bill provides the Secretary of Higher Education the authority to determine the award amounts for each institution applying for funds under the program.
The bill appropriates $250,000 from the General Fund to the Office of the Secretary of Higher Education to effectuate the purposes of the bill.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS concludes that the bill may result in a State cost increase of up to $250,000 in the first year the bill is in effect. If the full $250,000 is not expended in the first year, the residual amount will be spent in subsequent fiscal years until the full $250,000 is exhausted. Costs to the State in subsequent years to continue providing grants under the program are indeterminate.
The State expenditure increase would lead to a concurrent revenue increase for institutions of higher education that receive grants under the program.
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Section: |
Education |
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Analyst: |
Senior Fiscal Analyst |
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Approved: |
Thomas Koenig Legislative Budget and Finance Officer |
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).