Bill aims to make New Jersey revenue projections more reliable
(The Center Square) – The New Jersey Senate Budget and Appropriations Committee advanced legislation to improve the reliability of revenue forecasts.
S-1530 would establish the five-member New Jersey Revenue Advisory Board, a joint legislative and executive branch body that would deliver consensus revenue forecasts.
The Division of Revenue and Economic Analysis and the Office of Legislative Services currently offer revenue forecasts, which lawmakers use to prepare and adopt the state budget, according to a news release. Republicans in the Garden State expressed frustration with what they say are inconsistent and unreliable revenue numbers.
“Accurate revenue forecasts are vital to the budget process,” state Sen. Steven Oroho, R-Sussex, said in a statement. “Policymakers depend on the forecasts, and more dependable projections will help minimize unanticipated budgetary problems. With the creation of the Revenue Advisory Board, New Jersey’s finances will be more predictable and manageable.”
Board members would include the legislative budget and finance officer, the state treasurer and an independent member with budgeting experience, according to a news release.
“Collaboration will ensure that neither the executive or legislative branch has too much influence over the numbers, and prevent overly optimistic projections from impacting budget integrity,” Oroho, the Senate Republican Budget Officer, said. “This is a significant step to more responsible stewardship of New Jersey taxpayers’ money.”
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