NJBIA President and CEO Michele Siekerka issued the following statement regarding Lt. Gov. Tahesha Way signing bill S-1884/A-4090 (Freiman, Pintor Matin, Karabinchak/Sarlo, Oroho) into law on Tuesday, which will increase transparency and comprehension of New Jersey’s overall fiscal health.
“NJBIA thanks Governor Murphy and Acting Lt. Governor Way for taking this big step to provide better clarity and understanding of New Jersey’s comprehensive financial situation. We also thank the bill’s sponsors and the New Jersey Society of Certified Public Accountants for working with us on this legislation.
“By requiring the state auditor to publish a user-friendly report summarizing the Annual New Jersey Comprehensive Financial Report, our residents will more readily gain a better understanding of the state’s revenues, costs, assets and liabilities.
“This knowledge is not only important in ascertaining where their tax dollars are being applied, but also helps build public trust through greater awareness and transparency.
“The plain language report required by the state auditor will include a summary of New Jersey’s financial condition compared to neighboring states, total long-term liabilities, the accuracy of revenue projections and an accounting of any structural imbalance in the state budget.
“The more engaged taxpayers are in understanding the successes and challenges of the state budget, the more voices we will have to inform better public policy and our overall competitiveness with other states.”