By Minhaj Hassan | February 4th, 2013 - 1:19pm
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TRENTON - The Senate Transportation Committee released legislation that would increase the reporting requirements of the state’s Financial Policy Review Board regarding the state Transportation Trust Fund (TTF).

The bill, A3059, sponsored by Assemblyman John Wisniewski (D-19) of Sayreville, would grant the state Financial Policy Review Board additional oversight powers. Specifically, it would require the board to report to the Legislature.

On an annual basis, the board must report:

  • -Future debt service schedules of the TTF Authority and the revenue allocated to pay for said debt; and
  • -The amount of anticipated TTF pay-as-you-go funding set aside and the actual amount allocated that year. The use of monies from the state’s General Fund as projected in the DOT’s Annual Transportation Capital Program; and
  • -Any other information that the Financial Policy Review Board deems relevant in providing a financial overview and evaluation of the DOT’s Annual Transportation Capital Program.

The bill calls for the following information to be reported quarterly by the board:  

  • -The TTF Authority’s capital spending;
  • -The NJ Transit Corporation’s capital lease financing program;
  • -The Port Authority of New York and New Jersey’s capital spending on projects included in the state Department of Transportation’s (DOT) Annual Transportation Capital Program;
  • -The NJ Turnpike Authority’s capital spending and any contractual payments made by the Turnpike Authority to the state or the authority;
  • -South Jersey Transportation Authority’s capital spending and any contractual payments made to the state or the authority by the South Jersey Transportation AuthorityThe receipt and expenditure of federal funds included in DOT’s Annual Transportation Capital Program.

The bill would also require the Financial Policy Review Board, with assistance from the DOT, to create a public website on which the reports would be posted.

The committee released the bill with no opposition.

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Quote of the Day

quote of the day

"Governor Christie ripped President Obama this summer for failing to carve out some time during a Texas fundraising swing to visit the Mexican border, where the unprecedented flood of immigrant children from Central America had reached a crisis point. ...Yet Christie is not squeezing in a tour of the troubled border during his own three-day trade and diplomatic mission to Mexico, which is set to begin on Wednesday. The governor is planning a series of meetings with Mexican officials, including President Enrique Peña Nieto and the finance and energy ministers." - columnist Charles Stile

- The Bergen Record

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Governor Chris Christie's trip to Mexico...:

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