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State of New Jersey
Executive Order #132

Governor James E. McGreevey

WHEREAS, the New Jersey Commerce and Economic Growth Commission (Commission) coordinates economic development activities for the State with all related agencies and entities, including, but not limited to, the New Jersey Economic Development Authority, the New Jersey Commission on Science and Technology, the New Jersey Urban Enterprise Zone Authority, the Motion Picture and Television Development Commission, and the New Jersey Development Authority for Small Businesses, Minorities' and Women's Enterprises; and

WHEREAS, the role of the Commerce Commission, which includes assisting businesses and individuals for the economic growth and prosperity of our State, is vitally important; and

WHEREAS, there is a need to maintain strict internal controls and fiscal practices of the Commerce Commission and new procedures have been and are being implemented at the Commission to address these concerns; and

WHEREAS, as Governor, I have a responsibility to manage the operations of State government and its various agencies efficiently and effectively to ensure public confidence; and

WHEREAS, Executive Order No. 122, issued by me on July 23, 2004, requires certain governmental entities to develop audit committees to proactively ensure the quality and integrity of the financial operations of these entities;

NOW, THEREFORE, I, JAMES E. MCGREEVEY, Governor of the State of New Jersey, by virtue of the authority vested in me by the Constitution and by the Statutes of this State, do hereby ORDER and DIRECT:

  1. The Commission shall expeditiously establish and fill the position of Chief Financial Officer (CFO), who shall report directly to the Commission's Secretary or her designee, and who shall be responsible for overseeing all budget, procurement, accounting, internal controls and fiscal administration functions of the Commission, and who shall approve all procurement activities of the Commission.

  2. The budget and accounting activities of the Commerce Commission, including all Commission committees and units, shall be centralized and shall be supervised and under the immediate control and direction of the CFO.

  3. The Commerce Commission shall expeditiously establish and fill the position of Controller, who shall report directly to the CFO, to assist in the development and implementation of internal controls of the Commission's accounting practices and activities, and supervise and monitor internal control procedures.

  4. The Finance Committee of the Board of Directors shall review and approve all contracts to which the Commission is a party with a value over the public bidding threshold established by the Department of Treasury.

  5. The Audit Committee, established pursuant to the provisions of Executive Order 122, shall comply in all respects with the requirements of Executive Order 122, which are incorporated herein by reference, except that in addition to the requirements of that Order, the Committee shall undertake a comprehensive semi-annual internal review of the Commission's fiscal operations for the next three years with the assistance of a certified public accounting firm, qualified to conduct financial audits and make recommendations regarding procedures, which firm shall report directly to the Auditing Committee, not to the Commission staff.

  6. The Commission's Board of Directors annually shall review and either approve, or modify or rescind in part or in whole, the Commission's policies and procedures, including therein procurement policies and procedures consistent with those prescribed by the Department of Treasury, Division of Purchase and Property..

  7. The Secretary shall disseminate the Sarbanes-Oxley Act, Executive Order No. 122 (2004) and this Executive Order, to the Commission's Board of Directors, which shall institute such measures as deemed necessary to implement the Executive Orders and the Act.

  8. The Commission shall conduct annual procurement training for all Commission purchasing agents.

  9. To ensure that Commission staff is fully cognizant of all Commission procedures and policies, the Commission shall annually disseminate said procedures and policies to all Commission staff.

  10. The Secretary shall ensure that the percentage share of travel expenses that can be advanced to Commission staff for travel will be consistent with Treasury Circular Letter 04-05-OMB.

  11. This Order shall take effect immediately.

GIVEN, under my hand and seal this 20th day of September
in the Year of Our Lord, Two Thousand and Four, and of the
Independence of the United States, the Two Hundred and Twenty-Ninth.

/s/ James E. McGreevey
Governor
[seal]

Attest:

/s/ Mark J. Fleming
Deputy Chief Counsel to the Governor

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