Makes FY 2020 supplemental appropriation of $25 million for Economic Development Authority for augmenting State's investment in technology start-up ventures.
Impact
The appropriation from the General Fund aims to directly support the Newark Venture Partners initiative, which is a public-private partnership focused on technology. By channeling these funds into technology startups, the bill is anticipated to facilitate job creation and economic growth. The financial support is designed to stimulate the local economy by potentially attracting additional investments and talent to New Jersey's technology sector.
Summary
Assembly Bill A2059 introduces a supplemental appropriation of $25 million for the Economic Development Authority of New Jersey. This funding aims to bolster the state's investment in technology start-up ventures, providing necessary financial backing to foster innovation and entrepreneurship in the region. The bill is positioned as a strategic move to enhance the state's economic landscape, especially following the fiscal planning for the year 2020.
Contention
While the bill aims to promote economic development, there may be varying viewpoints regarding the allocation of such significant funds. Some may argue that the focus on technology startups could overlook other sectors in need of investment. This discussion could lead to debates about prioritization of funds and whether such investments will yield tangible benefits for all communities in New Jersey or concentrate advantages within more affluent urban areas.
Carry Over
Makes FY 2020 supplemental appropriation of $25 million for Economic Development Authority for augmenting State's investment in technology start-up ventures.
Makes FY 2020 supplemental appropriation of $25 million for Economic Development Authority for augmenting State's investment in technology start-up ventures.
Makes FY2024 supplemental appropriations of $37,430,000; de-appropriates $24,000,000 in existing FY2024 appropriations; adds and modifies various FY2024 language provisions.
Makes FY2024 supplemental appropriations of $37,430,000; de-appropriates $24,000,000 in existing FY2024 appropriations; adds and modifies various FY2024 language provisions.
To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.