LEGISLATIVE FISCAL ESTIMATE

[Second Reprint]

ASSEMBLY, No. 4035

STATE OF NEW JERSEY

221st LEGISLATURE

 

DATED: JULY 2, 2024

 

 

SUMMARY

 

Synopsis:

Requires State to sell as surplus property certain land and improvements in Morris County known as Central Park School.

Type of Impact:

One-time State revenue increase; one-time expenditure increase for Morris County.

Agencies Affected:

Department of the Treasury; Morris County.

 

 

Office of Legislative Services Estimate

Fiscal Impact

 

 

One-Time State Revenue Increase

$1.00

 

One-Time Expenditure Increase for Morris County

$1.00

 

 

 

 

·         The Office of Legislative Services (OLS) concludes that this bill will result in a one-time revenue increase to the State Debt Defeasance and Prevention Fund of one dollar for the sale of the surplus property to the Morris County Educational Services Commission.  Morris County will experience a concurrent one-time expenditure increase of one dollar.

 

BILL DESCRIPTION

 

      This bill requires the State Treasurer to sell as surplus property certain State-owned land and improvements, known as the Central Park School, located in Morris Township of Morris County to the Morris County Educational Services Commission pursuant to the terms and conditions approved by the State House Commission.

 

 

 

 

 

FISCAL ANALYSIS

 

EXECUTIVE BRANCH

 

      None received.

 

OFFICE OF LEGISLATIVE SERVICES

 

      The OLS concludes that this bill will result in a one-time revenue increase to the State Debt Defeasance and Prevention Fund of one dollar for the sale of the surplus property to the Morris County Educational Services Commission.  Morris County will experience a concurrent one-time expenditure increase of one dollar.

      Under current law, any revenue generated from State property sales are to be deposited into the Debt Defeasance and Prevention Fund unless otherwise stated in the bill.

 

Section:

State Government

Analyst:

Camryn Mathews

Assistant Fiscal Analyst

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.).