of New Jersey
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
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:
- 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.
- 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
- 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
- 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.
- 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.
- 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..
- 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.
- The Commission shall conduct annual procurement training for all
Commission purchasing agents.
- 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.
- 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.
- 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
/s/ Mark J. Fleming
Deputy Chief Counsel to the Governor