LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 1056
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: NOVEMBER 12, 2024
SUMMARY
Synopsis: Requires EDA to create needs-matching website for eligible entities.
Type of Impact: One-time increase in State expenditures.
Agencies Affected: New Jersey Economic Development Authority.
Office of Legislative Services Estimate
Fiscal Impact Year One
State Expenditure Increase Up to $75,000
 The Office of Legislative Services (OLS) estimates that the provisions of this bill would result
in a one-time expenditure increase for the New Jersey Economic Development Authority of
up to $75,000 associated with the creation and implementation of the new needs-matching
website required under the bill.
 To the extent that the authority creates and implements the website through a third-party
contractor, the cost increases associated with the bill are expected to be approximately $75,000;
however, if the authority elects to create and implement the website in-house, the cost increases
associated with the bill will likely be significantly lower, assuming that the authority does not
need to hire additional personnel.
 This estimate assumes that existing State employees will perform the ongoing maintenance of
the website, thereby reducing or eliminating these costs.
BILL DESCRIPTION
This bill requires the authority to create a website for the purpose of matching the needs and
supplies of entities engaged in innovation in the State. The authority is required to make this
website available to eligible entities that do business in at least one of the following industries:
advanced computing, advanced materials, biotechnology, electronic device technology,
Office of Legislative Services Legislative Budget and Finance Office
State House Annex Phone (609) 847-3105
P.O. Box 068 Fax (609) 777-2442
Trenton, New Jersey 08625 www.njleg.state.nj.us
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information technology, life sciences, medical device technology, mobile communications
technology, or renewable energy technology.
The website would provide a platform through which eligible entities engaged in innovation
in this State may match its needs with the suppliers or physical locations, equipment, labor, and
other appropriate assets. Notably, the authority is also required to provide a list of public and
private funding sources and investment opportunities, including information on State and federal
grant programs, which may be appropriate for an eligible entity.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS estimates that this bill will likely result in a one-time State expenditure increase of
up to $75,000 for the authority associated with the design and creation of a website for entities
engaged in innovation in the State.
To the extent that the website is created by a third-party contractor, the costs associated with
the bill will be closer to $75,000. However, to the extent that the website is created by existing
State employees, the cost will potentially be lower. This estimate assumes that existing State
employees will perform the ongoing maintenance of the website, thereby reducing or eliminating
these costs.
Section: Authorities, Utilities, Transportation and Communications
Analyst: Michael D. Walker
Associate Fiscal Analyst
Approved: Thomas Koenig
Legislative Budget and Finance Officer
This legislative fiscal estimate has been produced by the Office of Legislative Services due to the
failure of the Executive Branch to respond to our request for a fiscal note.
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).