Bill calling for strong reporting requirements on TTF released

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.

"This meeting is entirely off the record. Until somebody leaks it."
—Michael Kempner, addressing a roomful of Democratic powerbrokers organizng for Hillary Clinton