This bill mandates that the Director of the Office of Management and Budget in the Department of the Treasury and the Assistant Commissioner of the Division of Medical Assistance and Health Services in the Department of Human Services prepare and submit an annual report to the Governor and the Legislature. The report must identify all unencumbered or unallocated State funds available for NJ FamilyCare in the current fiscal year and evaluate the quality of care provided to beneficiaries. Additionally, it requires the compilation of a prioritized list of the 12 most urgent policy changes and legislative actions needed to address any identified deficiencies in care quality, along with the necessary State funds for implementation.

The bill also stipulates that the State Treasurer and the Commissioner of Human Services will adopt rules and regulations necessary for the implementation of its provisions. The act is set to take effect immediately upon passage. Overall, this legislation aims to enhance the NJ FamilyCare program, which provides health insurance to low-income residents through Medicaid and the Children's Health Insurance Program, by ensuring better oversight and targeted improvements in care quality.