Directs Garden State Preservation Trust to perform audit of State's land preservation programs, authorizes local governments and nonprofit organizations to utilize certain constitutionally dedicated CBT revenues for administrative expenses; appropriates $150,000.

S 5007 requires the Garden State Preservation Trust to conduct a comprehensive audit of New Jersey's land preservation programs - including Green Acres, Blue Acres, farmland, and historic property initiatives - within six months of the bill's effective date. The audit must identify inefficiencies and recommend fund reallocations, with results shared publicly and submitted to the Governor and Legislature. The bill also allows local governments and qualified nonprofits to use constitutionally dedicated land preservation funds for administrative costs like staff time, outreach, and document preparation (capped at 3% of property value). It appropriates $150,000 to cover the audit costs. This directly affects the Trust, state agencies managing preservation programs, and local entities administering land conservation efforts.