ACR 30 New Jersey General Assembly · 2024-2025 Regular Session

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
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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
Photo of Bob Auth
Bob Auth
RRepublican
NJ
39