The bill establishes the New Jersey Government Restructuring and Modernization Commission, aimed at addressing the state's significant structural budget deficit by reviewing and improving the efficiency of executive branch departments and agencies. The commission will consist of 15 members, including representatives from the executive branch, the Legislature, career public employees, and public members with expertise in governance or fiscal policy. It is tasked with identifying overlapping functions, inefficiencies, and opportunities for consolidation, while ensuring that any proposed reforms do not mandate layoffs or workforce reductions, instead relying on natural attrition and retirements.

The commission will conduct a comprehensive review and develop a modernization blueprint, submitting annual reports to the Governor and Legislature detailing its findings and recommendations. All meetings will be public, and input from frontline employees and the public will be encouraged through an online portal. The bill emphasizes collaboration between branches of government and the importance of preserving critical public services while promoting transparency and accountability in government operations. The commission is set to expire five years after enactment unless reauthorized by the Legislature.