New Jersey Senate Bill S932

New Jersey 2022-2023 Regular Session

• Introduced: 1/31/22
• Refer: 1/31/22

Caption

Expands audit powers of State Auditor; requires online publication of certain materials; requires performance review audits of certain business incentive programs.

Impact

The proposed changes will significantly affect state laws regarding transparency and accountability in government spending. By requiring the State Auditor to conduct performance reviews and publish audit results on the Legislature's website, the bill fosters a culture of openness and allows the public to have greater visibility into how state funds are utilized, especially in the context of business incentives. This initiative is aimed at improving the effectiveness of state-funded programs and ensuring that they deliver expected outcomes.

Summary

Senate Bill S932 aims to enhance the powers and responsibilities of the State Auditor in New Jersey. The bill expands the auditing capabilities of the State Auditor, allowing for more comprehensive reviews of entities receiving financial assistance from the state. Specifically, it mandates that performance review audits of certain business incentive programs administered by the New Jersey Economic Development Authority (EDA) be conducted at least once every two years. This move is intended to ensure that public funds are spent effectively and in alignment with legislative intent.

Contention

While many support the bill as a necessary step toward improving state accountability, some may express concerns regarding the potential burden on the State Auditor's office to manage and execute these additional audits. Questions may arise about whether the current allocation of resources is sufficient to support the increased auditing workload, which could lead to prioritization issues. Opponents may also argue that imposing stricter review processes could slow down the dispersal of vital financial assistance to businesses, which is crucial for economic growth and recovery, particularly in a post-pandemic environment.