NEW JERSEY – New Jerseyans may soon have access to a user-friendly, plain language report that summarizes the contents of the New Jersey Annual Financial Report thanks to bipartisan legislation sponsored by Senator Steven Oroho and approved Monday by the State Government, Wagering, Tourism & Historic Preservation Committee.
“For far too long, New Jersey’s annual financial reports have been written by technocrats who pay little attention to the wonky, often obscure, financial language that comprises their assessments,” said Oroho (R-24). “This legislation will increase transparency and build public trust by allowing New Jerseyans to read, in layman’s terms, the financial status of the state, and to see exactly where their hard earned tax dollars are going.”
Oroho’s legislation, S-1884, requires the Office of the State Auditor to annually publish a user-friendly, plain language report that summarizes and analyzes the contents of the New Jersey Annual Comprehensive Financial Report.
The plain language report must include: a summary of New Jersey’s financial condition compared to neighboring states; a summary of total long-term liabilities; a summary of the accuracy of revenue projections; an accounting of any structural imbalance in the state budget; and an analysis of the potential impacts of an economic recession.