New Jersey S4375 raises the bid advertising threshold for certain state contracts from $25,000 to $150,000.

New Jersey S4375 increases the bid advertising threshold on certain state contracts from $25,000 to $150,000. This change allows smaller construction and repair projects under $150,000 to be informally bid by the using agency without full advertising, reducing the time and cost required to complete these smaller projects. The Governor, in consultation with the Department of the Treasury, will adjust the threshold every fifth year based on the index rate. The adjustment will be rounded to the nearest $1,000 and will become effective on July 1 of the year it is made.

New Jersey S4375 raises the bid advertising threshold for certain state contracts from $25,000 to $150,000.

New Jersey S4375 increases the bid advertising threshold on certain state contracts from $25,000 to $150,000. This change allows smaller construction and repair projects under $150,000 to be informally bid by the using agency without full advertising, reducing the time and cost required to complete these smaller projects. The Governor, in consultation with the Department of the Treasury, will adjust the threshold every fifth year based on the index rate. The adjustment will be rounded to the nearest $1,000 and will become effective on July 1 of the year it is made.