SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 2922

with committee amendments

STATE OF NEW JERSEY

DATED:  NOVEMBER 13, 2025

      The Senate Budget and Appropriations Committee reports favorably and with committee amendments Senate Bill No. 2922.

      As amended, under current law, requirements to file annual financial disclosure statements are prescribed for certain government officers and employees at all levels of government. At the State level, State officers and employees and special State officers and employees are required to file financial disclosure statements with the State Ethics Commission. At the local government level, local government officers are required to file financial disclosure statements with the Local Finance Board in the Division of Local Government Services in the Department of Community Affairs. School officials are required to file such statements with the School Ethics Commission. The contents of these statements may vary by the applicable law, regulation, or executive order. Therefore, persons who hold multiple government offices or positions, including as volunteers on public boards and commissions, are subject to the respective disclosure requirements for each office or position held, thereby having to file multiple separate financial disclosure statements each year.

      As amended by the committee, this bill codifies the requirement that municipal prosecutors annually register with the Division of Criminal Justice in the Department of Law and Public Safety by filing a financial disclosure statement.  Currently, these requirements are established by Attorney General Directive.

      As amended, this bill requires the development of a single form for use by persons required to file multiple financial disclosure statements with various public bodies.  Under the bill, the State Ethics Commission, in consultation with the Office of the Attorney General, Joint Legislative Committee on Ethical Standards, School Ethics Commission and the Local Finance Board, would develop a universal financial disclosure form within 90 days of the bill’s effective date.  The universal form would be designed to enable any person who is required by law, regulation, or executive order to file a financial disclosure statement with more than one government entity to do so by completing and submitting that single form, including any additional addenda that may be required.  Under the bill, the universal form would meet all content requirements for disclosure as stipulated by any applicable law, regulation, or executive order.  Furthermore, the bill directs the State Ethics Commission, Attorney General, School Ethics Commission, and Local Finance Board to make the form available on their respective official websites.  The bill also allows the Joint Legislative Committee on Ethical Standards to adopt the universal form at its discretion.

COMMITTEE AMENDMENTS:

      The committee amendments codify the requirement that municipal prosecutors annually register with the Division of Criminal Justice in the Department of Law and Public Safety by filing a financial disclosure statement.  Currently, these requirements are established by Attorney General Directive.

      The committee amendments also authorize the Joint Legislative Committee on Ethical Standards to adopt the universal form established by the bill for usage by members of the Legislature.

      Lastly, the committee amendments specify that personal identifying information which is required to be submitted on a financial disclosure statement will not be disclosed publicly.  Personal identifying information includes a social security number, credit card number, debit card number, bank account information, month and day of birth, any personal email address, personal telephone number, the street address portion of any person's primary or secondary home address, or driver’s license number of any person.

FISCAL IMPACT:

      The Office of Legislative Services (OLS) anticipates that this bill may result in annual State expenditure increases ranging from $50,000 to $500,000 due to the requirement to develop a universal financial disclosure form for use by certain persons.

      The OLS estimates that creating a central portal to submit such disclosures may also result in annual State expenditure decreases of up to $150,000.

      To the extent that the bill results in additional work for the Department of Law and Public Safety or the Joint Legislative Committee on Ethical Standards beyond the current capacity of those government entities, State costs may also increase by an indeterminate but marginal amount.