ASSEMBLY BUDGET COMMITTEE

STATEMENT TO

ASSEMBLY, No. 5348

STATE OF NEW JERSEY

DATED:  JUNE 28, 2026

      The Assembly Budget Committee reports favorably Assembly Bill No. 5348.

      As reported, this bill authorizes that certain moneys reserved for a municipality’s "Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund," may be deposited into the municipality’s current fund, for uses as determined necessary by the municipality. 

      The authority established by the bill is to only apply if the municipality has established an arts and culture trust fund.  The authority established by the bill is further limited exclusively to the tax levy for fiscal year 2027, and funding deposited into a "Municipal Open Space, Recreation, Floodplain Protection, and Farmland and Historic Preservation Trust Fund" prior to fiscal year 2027 that has not been expended. 

FISCAL IMPACT:

      This bill is not certified as requiring a fiscal note.