New Jersey 2022-2023 Regular Session

New Jersey Assembly Bill ACR99

Introduced
2/14/22  

Caption

Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.

Impact

If ACR99 is enacted, it would reinforce the need for fiscal responsibility in the management of state funds derived from asset sales and leases. By limiting the use of these proceeds to capital projects, the amendment aims to prevent potential misallocation of funds that could undermine essential services or operational needs. This change would encourage a clearer focus on long-term capital improvements that can enhance public services and facilities across New Jersey.

Summary

Assembly Concurrent Resolution No. 99 (ACR99) proposes an amendment to the New Jersey State Constitution which restricts the use of funds generated from the transfer of State government and independent State authority capital assets. Specifically, the resolution mandates that these proceeds be earmarked exclusively for capital projects and prohibits their use for operational expenses of the State government. This measure aims to ensure that revenues from such asset transfers directly contribute to state infrastructure and improvements rather than being allocated to recurring governmental costs.

Contention

The potential amendment has sparked discussions about the balance between funding immediate operational needs and investing in long-term state infrastructure. Proponents argue that ACR99 enforces a disciplined financial approach, ensuring that funds from asset transfers contribute positively to New Jersey's physical and capital needs. However, opponents might contend that this restriction could limit the flexibility of state budget management, particularly in times of fiscal emergencies when operational expenses may need urgent funding.

Next_steps

Should ACR99 be approved by the legislature, it will be submitted to the voters in the next general election. It is essential for public awareness to be raised regarding this proposed amendment, as its approval will directly affect how state financial resources are allocated in future fiscal periods.

Companion Bills

NJ SCR80

Same As Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.

Previously Filed As

NJ SCR80

Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.

NJ ACR100

Proposes temporary constitutional amendment to provide for State constitutional convention to reduce government spending and to reform system of property taxation.

NJ SCR23

Proposes constitutional amendment to establish a 2 percent cap on annual appropriations increases for certain State government spending.

NJ SCR70

Proposes constitutional amendment to establish a 2 percent cap on annual appropriations increases for certain State government spending.

NJ ACR89

Proposes constitutional amendment to require voter approval whenever State independent authorities issue bonds backed by annual appropriations.

NJ SCR111

Proposes constitutional amendment to provide for Statewide initiative and referendum.

NJ A5655

Appropriates $87,783,515 from constitutionally dedicated CBT revenues and various Green Acres funds to DEP for local government open space acquisition and park development projects, and for certain administrative expenses.

NJ SCR60

Proposes constitutional amendment to provide for Statewide initiative and referendum.

NJ ACR161

Proposes constitutional amendment authorizing statute transferring probation functions from Judiciary to State Parole Board.

NJ S4053

Appropriates $87,783,515 from constitutionally dedicated CBT revenues and various Green Acres funds to DEP for local government open space acquisition and park development projects, and for certain administrative expenses.

Similar Bills

NJ SCR80

Proposes constitutional amendment restricting use of funds realized from transfer of State government and independent State authority capital assets only for capital projects and not for State government operating expenses.

CA ACA11

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TX HB4492

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CA SB87

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CA AB87

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TX SB1757

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TX SB2227

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