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 today by the New Jersey Senate.

New Jerseyans may soon have access to a user-friendly report that summarizes the contents of the NJ Annual Financial Report thanks to legislation sponsored by Sen. Steven Oroho and approved today by the NJ Senate. (Pixabay)

“For far too long, New Jersey’s annual financial reports have been written in obscure, financial language that is often only truly digestible by technocrats,” 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/A-4090, 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; total long-term liabilities; the accuracy of revenue projections; and an accounting of any structural imbalance in the state budget.