SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4845

with committee amendments

STATE OF NEW JERSEY

DATED:  December 8, 2025

      The Senate Budget and Appropriations Committee reports favorably and with committee amendments Senate Bill No. 4845.

      As amended and reported, this bill extends oversight of a municipality in need of stabilization and recovery, pursuant to the Municipal Stabilization and Recovery Act, P.L.2016, c.4 (C.52:27BBBB-1 et al.), (the act) for an additional six years.  The bill also revises, expands, and establishes certain Local Finance Board related oversight powers under the act.

      The bill is to take effect immediately and be retroactive to December 1, 2025.  A municipality in need of stabilization is to be subject to the provisions of the bill until December 1, 2031.

COMMITTEE AMENDMENTS:

      The committee amended the bill to:

      (1)  extend the oversight period an additional year until December 1, 2031;

      (2)  revise, expand, and establish certain Local Finance Board related oversight powers under the act;

      (3)  provide the provisions of the bill are retroactive to December 1, 2025;

      (4)  specify certain review and approval requirements for municipal actions taken during the period between December 1, 2025 and enactment of the bill; and

      (5)  amend the title and synopsis.

FISCAL IMPACT:

      Fiscal information for this bill is currently unavailable.