Proposes constitutional amendment to establish revenue responsibility through annual State appropriations cap limiting spending growth to one percent per year over six years and a permanent revenue responsibility fund reserved for reducing State pension benefit liabilities.
ACR 30 proposes a constitutional amendment to limit New Jersey's annual state spending growth to 1% per year for six years, requiring all state appropriations to be listed as specific line-item dollar amounts. It creates a "Revenue Responsibility Fund" that reserves any surplus revenue exceeding 2% of the state's estimated annual revenue (certified by the governor) at the start of each fiscal year. Funds in this reserve can only be used to pay down the state's unfunded public employee pension liabilities, or for emergencies requiring a two-thirds legislative vote, or for property tax relief if pension debts are fully paid. The amendment does not affect current spending levels but changes how future budgets must be structured and how surplus revenue is allocated.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jan 2024
Committee Review
Floor Vote
Governor
Introduced Jan 9, 2024
Last action Jan 9, 2024
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
1
Key actions
0
Committee
0
Jan 9, 2024
Introduced
Introduced in the Assembly, Referred to Assembly State and Local Government Committee
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Bob Auth
RRepublican
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