reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-59 - Appropriation transfers during first 3 months of succeeding year

40A:4-59. Appropriation transfers during first 3 months of succeeding year
a. If, during the first 3 months of any fiscal year, the amount of any appropriation reserve for the immediately preceding fiscal year is insufficient to pay the claims authorized or incurred during said preceding year which were chargeable to said appropriation, and there shall be an excess in any appropriation reserves over and above the amount deemed to be necessary to fulfill its purpose, the governing body may, by resolution adopted by not less than a 2/3 vote of the full membership thereof, transfer the amount of such excess to an appropriation reserve or an appropriation in the prior budget deemed to be insufficient to fulfill its purpose or for which no reserve was provided. No transfers may be made to appropriation reserve for contingent expenses or deferred charges.
b. No transfers may be made under this section from appropriation reserves for
1. contingent expenses,
2. down payments,
3. capital improvement fund.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-60 - Unexpended balances canceled by resolution

40A:4-60. Unexpended balances canceled by resolution
Any unexpended balances of appropriations may, by resolution of the governing body, be canceled prior to the end of the fiscal year. Said resolution shall set forth the titles of the appropriations and the amounts to be canceled therefrom.
At the end of the next succeeding fiscal year, all remaining unexpended balances shall forthwith lapse, and no disbursement shall thereafter be made therefrom, except to cover specific contracts or agreements in existence at the close of such succeeding fiscal year.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-61 - Assessment revenue fund

40A:4-61. Assessment revenue fund
All receipts derived from special assessments on property specially benefited by any local improvements shall be segregated by the municipality and kept in a separate fund to be known as an "assessment revenue fund." They shall be applied only to the payment of that part of the cost of any such improvements which has been specially assessed on property specially benefited or of any bonds or notes issued to finance such part of the cost of any such improvements until all such bonds or notes shall have been paid.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-62 - Public utility funds

40A:4-62. Public utility funds
All moneys derived from the operation of publicly owned or operated utility or enterprise and any other moneys applicable to its support, shall be segregated by the local unit and kept in a separate fund which shall be known as "utility fund" and shall bear a further designation identifying the utility or enterprise and, except as provided in section 40A:4-35, shall be applied only to the payment of the operating and upkeep costs, and the interest and debt redemption charges upon the indebtedness incurred for the creation of such utility or enterprise.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-62.1 - Storm recovery reserves; permitted, rules, regulations.

40A:4-62.1 Storm recovery reserves; permitted, rules, regulations.
1. a. (1) A local unit may, by resolution, establish a storm recovery reserve. Unexpended balances budgeted annually for storm recovery may be lapsed into the reserve. Upon passage of a resolution of the governing body, funds in the reserve may be used for any purpose related to storm recovery, including, but not limited to, snow, ice, and debris removal, by the local unit after current budget appropriations for that purpose have been expended. Any reimbursement of these expenditures shall be deposited back into the reserve.
(2) Following the declaration of an emergency by the President of the United States or the Governor, a local unit may, by resolution, authorize the use of funds in the reserve for any purpose necessary to protect the safety, security, health, and welfare, of its citizens from the damage caused by the declared emergency. Any reimbursement of these expenditures shall be deposited back into the reserve.
(3) Unexpended balances budgeted annually for expenses relating to storm recovery may be lapsed into the reserve.
b. The Local Finance Board is authorized to adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), in order to effectuate the purposes of this section.
L.2001, c.138, s.1; amended 2013, c.271.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-62.2 - Establishment of mosquito control reserve fund.

40A:4-62.2 Establishment of mosquito control reserve fund.
1. a. A county board of chosen freeholders may, by resolution, establish a mosquito control reserve fund. Unexpended balances budgeted annually for mosquito control may be lapsed into the reserve. Upon passage of a resolution of the board of chosen freeholders, funds in the reserve may be used for any purpose related to mosquito population control by the county after current budget appropriations for that purpose, if any exist, have been expended.
b. The Local Finance Board is authorized to adopt rules and regulations, pursuant to the "Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.), in order to effectuate the purposes of this section.
L.2015, c.22, s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-63 - Money in separate funds treated as trust funds

40A:4-63. Money in separate funds treated as trust funds
Moneys held in any separate fund shall be treated by the officers of the local unit as moneys held in trust for the purpose for which such separate fund was created, and no banking institution accepting any such fund as provided for in this chapter shall divert the moneys to any other purpose.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-64 - Tax anticipation notes

40A:4-64. Tax anticipation notes
In any fiscal year, in anticipation of the collection of taxes for such year, whether levied or to be levied in such year, or in anticipation of other revenues for such year, any local unit may, by resolution, borrow money and issue its negotiable notes, each of which shall be designated "tax anticipation note of 19 " (stating the fiscal year).
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-65 - Application of proceeds

40A:4-65. Application of proceeds
The proceeds of the sale of tax anticipation notes, unless used to pay outstanding notes issued in anticipation of the collection of taxes of the same fiscal year, shall be applied only to purposes provided for in the budget or for which taxes are levied or to be levied for such year, and shall not be applied to any other purpose.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-66 - Limitation of amount

40A:4-66. Limitation of amount
The amount of tax anticipation notes of any fiscal year outstanding at any 1 time shall not exceed an amount certified as the gross borrowing power, and no such notes shall be authorized in excess of an amount certified as the net borrowing power, each computed and certified as follows:
a. The gross borrowing power in respect to tax anticipation notes of such fiscal year, being 30% of the tax levy of the next preceding fiscal year, for all purposes in the case of a municipality and for county purposes in the case of a county, plus 30% of the amount of miscellaneous revenues realized in cash during the next preceding fiscal year, is $ .
b. The amount of notes outstanding in anticipation of the collection of taxes of such fiscal year, except such notes as will be renewed by or paid from the proceeds of the notes to be issued, is $ .
c. The net borrowing power, being the excess of the first over the second of the 2 above amounts, is $ .
Such certificate shall be made by the financial officer who is designated to sign such notes, filed in the office of the clerk, and quoted in full in the resolution authorizing such notes.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-67 - Limitation of maturity and renewals

40A:4-67. Limitation of maturity and renewals
40A:4-67. Tax anticipation notes may be renewed from time to time, but all such notes and any renewals thereof shall mature, in the case of municipalities within 120 days after the beginning of the succeeding fiscal year, and in the case of counties not later than June 30 of the succeeding fiscal year.
Amended 1991,c.75,s.23.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-69 - Form, registration and redemption

40A:4-69. Form, registration and redemption
All tax anticipation notes may be in registered form or in coupon form with or without privileges of registration, and may be made redeemable prior to maturity at the option of the local unit at not exceeding par and accrued interest.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-70 - Recital of borrowing power; authorization

40A:4-70. Recital of borrowing power; authorization
In the text of each tax anticipation note there shall appear in substance the following recital:
"This note is issued pursuant to the local budget law and in anticipation of the collection of taxes of the budget year 19 (stating the budget year); the gross borrowing power in respect of such notes, as determined in accordance with said act, is $ (stating the gross borrowing power as shown on the certificate quoted in the resolution authorizing such note); the amount of such notes outstanding, including all notes delivered simultaneously with this note, is $ ."
Such recital shall be deemed to be made by any financial officer who signs the note, and his signature to the note shall constitute a declaration to the other officers who sign such note that the recital is correct. Such recital shall constitute conclusive evidence to the holder or holders of such note that the same was fully authorized under and within the powers, limitations and provisions of this chapter.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-71 - Execution of notes or coupons

40A:4-71. Execution of notes or coupons
All tax anticipation notes shall be executed in the name of the local unit by such financial officer and by such other officer as may be designated by resolution, and shall be under the seal of the local unit and attested by the clerk. Coupons, if any, attached to a note shall be authenticated by the facsimile or manual signature of the financial officer who signs the note.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-72 - Sale and report of sale

40A:4-72. Sale and report of sale
All tax anticipation notes may be sold at not less than par and accrued interest at private sale without previous public offering, either by resolution of the governing body or by a financial officer authorized to sell such notes by resolution of the governing body.
The financial officer making any such sale shall report in writing to the governing body at the next meeting the amount, description, interest rate and maturities of the notes sold, the price obtained and the name of the purchaser, and such report shall be entered in full on the minutes of such meeting.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-73 - Conclusive presumption of validity of proceedings and notes

40A:4-73. Conclusive presumption of validity of proceedings and notes
Unless a suit, action or proceeding questioning the authorization, sale or execution or otherwise questioning the validity of tax anticipation notes be begun prior to the delivery of such notes, any such notes reciting that they are issued pursuant to this chapter shall, after delivery thereof, be conclusively presumed to be fully authorized by all the laws of this State and to have been sold, executed and delivered by the local unit in conformity therewith. The validity of such notes shall not be questioned by either a party plaintiff or a party defendant, or by the local unit, or any taxpayer thereof, or any other interested party in any court, anything herein or in other statutes to the contrary notwithstanding.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-74 - Utility anticipation notes

40A:4-74. Utility anticipation notes
40A:4-74. Any local unit which operates or owns a municipal public utility may, pursuant to resolution of the governing body passed by a majority of the full membership thereof, borrow money and issue its negotiable notes to provide funds necessary to operate the utility or enterprise and meet the necessary payments for debt service. Such notes shall be designated as "Utility Revenue Notes of 19.... (stating the year)" . The amount of notes which may be issued in any fiscal year shall not exceed 50% of the revenue from Utility Rents and Miscellaneous Utility Revenues Anticipated in the annual utility budget.
Notes may be renewed from time to time but shall mature not later than 90 days after the close of the fiscal year in which the notes were originally issued.
Borrowing power provided in this section shall be exclusive of and in addition to the borrowing power provided for tax anticipation notes permitted by this chapter.
Amended 1991,c.75,s.24.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-75 - Liability on notes

40A:4-75. Liability on notes
The power and obligation of a local unit to pay any note or obligation issued pursuant to this chapter shall be unlimited and the local unit shall have power and be obligated to levy ad valorem taxes upon all the taxable property within the local unit for the payment of such notes or obligations and interest thereon, without limitation of rate or amount.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-76 - Examination of budget

40A:4-76. Examination of budget
The director shall examine the budget filed in his office with reference to all estimates of revenue and to the following appropriations:
a. Payment of interest and debt redemption charges.
b. Deferred charges and statutory expenditures.
c. Cash deficit of preceding year.
d. Reserve for uncollected taxes.
e. Other reserves and nondisbursement items.
The director shall also examine the budget for detail and accuracy of itemization and for compliance as to form, arrangement and content with the provisions of this chapter and the regulations of the local government board.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-77 - Scope of examination

40A:4-77. Scope of examination
The director shall determine upon the basis of information and data available whether:
a. all estimates of revenue are reasonable, accurate and correctly stated;
b. items of appropriation are properly set forth;
c. in itemization, form, arrangement and content, the budget will permit the exercise of the comptroller function within the local unit;
d. the budget complies with the requirements of law and the regulations of the local government board.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-79 - Certification of director

40A:4-79. Certification of director
Immediately after the making of his examination of the budget, the director shall certify the results of his determination to the governing body. A governing body shall not finally adopt a budget until a certification of approval by the director has been received.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-80 - Action on disapproved budget

40A:4-80. Action on disapproved budget
If the budget is disapproved, a full statement of reasons with instructions for corrections of the budget shall be transmitted to the local unit with notice of the refusal by the director to approve the same. The certification of disapproval of the director shall be published at least once in a newspaper of general circulation within the local unit. Cost of such publication shall be borne by the local unit.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-81 - Amendment of disapproved budget

40A:4-81. Amendment of disapproved budget
A governing body shall amend a disapproved budget in accordance with the instructions of the director except that the governing body may petition the local government board for a hearing upon the budget. If a petition for hearing is filed with the local government board, the director shall postpone the time required for final adoption to permit a reasonable opportunity for such hearing and redetermination.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-82 - Judicial review of local government board's determination

40A:4-82. Judicial review of local government board's determination
If an aggrieved party applies for judicial review of a final determination made by the local government board, the governing body shall, nevertheless, adopt a budget in accordance with the local government board's determination, subject to such subsequent adjustment as may be consonant with the court's decision.
If the final decision of the court is adverse to the board's determination, the director shall forthwith, in writing, order the immediate amendment of the budget in accordance with the court's decision.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-83 - Regulations by the local government board and director

40A:4-83. Regulations by the local government board and director
The local government board and the director may make such rules and regulations as may be necessary to carry out the provisions of this chapter. The director may hold hearings and make such investigations as may be appropriate to the exercise of his powers in accordance with law.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-84 - Orders of director binding

40A:4-84. Orders of director binding
A final order of the director shall be binding upon the governing body and shall be complied with. The Superior Court may enforce the order in an action instituted by the director.
If a governing body fails or refuses to comply with a final order of the director, the members of a governing body who willfully fail or refuse to comply shall each be subject to a personal penalty of $25.00 for each day after the date fixed for final action that failure or refusal to comply continues. The amount of the penalty may be recovered by the director in the name of the State as a personal debt of the member of the governing body, and shall be paid, upon receipt, into the State Treasury.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-85 - Power to change title or text of appropriation

40A:4-85. Power to change title or text of appropriation
The director may, at the request of the governing body, make such correction of the title, text or amount of any item of appropriation appearing in the adopted budget only as shall be necessary to make said item of appropriation available for the specific purpose or purposes required by the local unit. To this end, the director may limit or approve adjustment of items of appropriations, but no item of appropriation required for debt service, contingent expenses, deferred charges, statutory expenditures, judgments or reserves shall be so reduced or limited.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-86 - Correction of revenue item

40A:4-86. Correction of revenue item
The director may correct an item of revenue appearing in any adopted budget if any law requires such correction or makes such correction advisable. If such correction shall require that the local purpose levy of the local unit shall be adjusted, the director shall order the correction or adjustment of the local tax levy accordingly, unless the tax rate for the year shall have been struck and shall certify such adjustment to the county board of taxation.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-87 - Special items of revenue and appropriations

40A:4-87. Special items of revenue and appropriations
40A:4-87. Special items of revenue and appropriations.
The director may approve the insertion of any special item of revenue in the budget of any local unit when such item shall have been made available by any public or private funding source and the amount thereof shall not have been determined at the time of the adoption of the budget, and may approve the insertion of an appropriation item of an amount equal to any such special item of revenue making such item of revenue available for expenditure.
A local unit may borrow money and issue its negotiable notes to meet such purpose. Such notes shall be authorized by resolution adopted by the governing body of the local unit and shall be designated as "Special (here insert purpose) Aid Notes".
Such notes shall mature not later than three months from their date and may be renewed from time to time until the end of the third month after the purpose for which the appropriation was made shall have been completed, or until the end of 31 days after the receipt in full by such local unit of all moneys anticipated from grants-in-aid or other sources for such purpose, whichever shall be later.
Any such notes that shall remain unpaid at the close of the first full fiscal year after the purpose shall have been completed shall be included in the budget of the then next succeeding fiscal year as an item of appropriation for the payment thereof. The provisions of this chapter relating to tax anticipation notes shall apply to such notes.
Amended 1989,c.226,s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-88 - Filing of amendment, correction in local budget

40A:4-88. Filing of amendment, correction in local budget
3. The governing body of a municipality that receives funds from the sale of tax sale certificates pursuant to section 2 of P.L.1993, c.113 (C.54:5-113.1) may file any amendment or correction in its local budget that may be required to properly reflect that receipt. Notwithstanding any other law, rule or regulation to the contrary, such funds may be used during the current local budget year, subject to the limits on final appropriations pursuant to P.L.1976, c.68 (C.40A:4-45.1 et seq.), for any lawful purposes deemed appropriate by the municipal governing body.
L.1993,c.113,s.3; amended 1993,c.325,s.2.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:4-89 - Issuance of notes.

40A:4-89 Issuance of notes.
3. Any municipality that has ended the previous budget year with a deficit in operations caused, whether in whole or in part, by obligations created from tax appeals, may issue notes with the approval of the Local Finance Board on such conditions as the Local Finance Board deems appropriate. The amount of notes authorized pursuant to this provision shall not exceed the cash payments or tax credits due to tax appeals and shall be authorized by a bond ordinance approved by the Local Finance Board.
L.2011, c.224, s.3.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-2 - Definitions

40A:5-2. Definitions
40A:5-2. As used in this chapter and any act amendatory to and supplementary thereto unless the context indicates otherwise: "local unit" means any county, municipality, special district or any public body corporate and politic created or established under any law of this State by or on behalf of any one or more counties or municipalities, or any board, commission, department or agency of any of the foregoing having custody of funds, but shall not include a school district;
"governing body" means the governing body of a county or the commission, council, board or body having control of the finances of a municipality or any other local unit as defined herein;
"chief financial officer" means, except in the case of a municipality, the director of revenue and finance, comptroller, treasurer, collector or other financial officer of a local unit. In the case of a municipality, the chief financial officer means the person appointed pursuant to section 5 of P.L.1988, c.110 (C.40A:9-140.10); in the case of a county, the chief financial officer means the person appointed pursuant to section 4 of P.L.1993, c.87 (C.40A:9-28.4);
"chief executive officer" means the county executive, county manager, county supervisor or president of the board of chosen freeholders, as appropriate to the form of government of a county, or the mayor, manager or commissioner, as appropriate to the form of government of a municipality, or the chairman, president, director or other chief executive officer of any other local unit;
"warrant" means the draft or check of any local unit used in warranting disbursement of moneys and shall, in every instance, be evidenced by the issuance of a check of the local unit. In no instance shall it be necessary for the local unit to refer to, or issue, a check separate and distinct from the warrant;
"check" means the instrument by which moneys of any local unit are disbursed.
Amended 1983,c.8,s.1; 1991,c.175,s.15; 1993,c.87,s.8.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-3 - Fiscal year

40A:5-3. Fiscal year
40A:5-3. The fiscal year of every local unit shall be the period for which a local unit adopts a budget, as required pursuant to the "Local Budget Law," N.J.S.40A:4-1 et seq.
Amended 1991,c.75,s.25.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-4 - Annual audit required; extensions

40A:5-4. Annual audit required; extensions
40A:5-4. The governing body of every local unit shall cause an annual audit of its books, accounts and financial transactions to be made and completed within six months after the close of its fiscal year. The governing body of every local unit may by resolution petition the Director of the Division of Local Government Services in the Department of Community Affairs for an extension to complete and file the annual audit with the division. Upon good cause being shown the director may grant an extension upon whatever terms or conditions he may deem reasonable. The determination of the director in the granting of an extension is final.
The governing body of every local unit shall employ a registered municipal accountant of New Jersey to prepare its annual audit or it shall enter into an agreement with the Director of the Division of Local Government Services for an annual audit to be made by qualified employees of the division. The director shall establish a fee based upon the time spent and other expenses incurred by qualified employees of the division when conducting the annual audit for a local unit. The local unit shall upon request for payment for audit services, forward a check to the director, payable to the State Treasurer.
Amended 1977,c.396,s.1; 1991,c.216.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-5 - Scope of audit

40A:5-5. Scope of audit
Each audit shall embrace the books, accounts and transactions of the local unit and every board, body, officer or commission supported and maintained wholly or in part by funds appropriated by the local unit, unless otherwise provided by statute or regulations of the board. Each audit shall cover a complete fiscal year and, in addition, shall include a verification of all cash and bank balances as of the date of the audit thereof and an audit of the accounts to such date.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-6 - Report of audit

40A:5-6. Report of audit
Every such registered municipal accountant shall file the original report of his audit and recommendations with the clerk and shall, within 5 days thereafter, file a certified duplicate copy thereof, over his signature, in the office of the director.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-7 - Publication of report and recommendations

40A:5-7. Publication of report and recommendations
A synopsis of all audits, together with the recommendations made by the registered municipal accountant, shall be prepared and published by the clerk of the local unit at least once in the official newspaper of the local unit, if there be one, or if there be none, in a newspaper published in the local unit. If there is no newspaper published within the local unit, it shall be published in a newspaper having a general circulation in the local unit.
If the clerk fails to have such publication made within 30 days after receipt of the report of audit and recommendations, he shall be subject to a fine of $10.00 payable to the local unit for each day after the expiration of the 30 days that such publication fails to appear.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-8 - Audit by director

40A:5-8. Audit by director
If any local unit does not carry out the provisions of this chapter by reason of the failure of the governing body thereof to institute and complete such audit within the time provided herein, the director may, by his employees and agents or by auditors employed for that purpose, conduct an audit of the books of such local unit and such audit shall be taken to be the statutory audit of the local unit and shall be paid for by the local unit on bill rendered therefor.
For the services of the said director, or his employees or agents, or the pay of the auditors employed by him, whether permanent employees of the division or not, there shall be paid to him by the local unit for deposit in the State treasury, a per diem allowance not to exceed $75.00 for each person for work done in connection with the audit or examination of the accounts. Said amount, if not paid when billed, shall be recoverable in an action at law.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1973, c. 243, s. 1, eff. Nov. 21, 1973.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-9 - Audit by registered municipal accountant

40A:5-9. Audit by registered municipal accountant
Every audit required under this chapter shall be completed by an accountant or auditor who holds an uncanceled license as a registered municipal accountant of New Jersey. Such license shall be issued annually by the New Jersey State Board of Public Accountants, shall be dated September 1 and run until August 31 of the following year, unless sooner canceled or revoked by the said State Board of Public Accountants.
Every report of audit shall be signed by the registered municipal accountant making the audit, or in charge thereof, who shall be the person authorized by the local unit to make the audit. In case any license shall be revoked, such revocation shall not be construed to affect any agreement which may be made by any local unit with any other registered municipal accountant, even though such accountant shall have been associated with the person whose license has been revoked.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-10 - Revocation or cancellation of license

40A:5-10. Revocation or cancellation of license
Upon proof that any registered municipal accountant shall have knowingly omitted to report any error, omission, irregularity, violation of law or discrepancy found in the books or accounts, or shall have issued false reports of the audit of any local unit, or of such a nature as not to comply with the requirements of the director, or if such registered municipal accountant shall fail to file such report and recommendations as herein directed, or neglect or refuse to carry out any agreement for audit, his registration license may be canceled by the State Board of Public Accountants. It shall be the duty of the director to notify the State Board of Public Accountants of any matters coming to his attention relative to any of the foregoing. Upon cancellation or refusal of a license, a person aggrieved thereby shall have the right to a review by the Superior Court in a proceeding in lieu of prerogative writ.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-11 - Advertising for bids unnecessary

40A:5-11. Advertising for bids unnecessary
No local unit shall be required to advertise for bids for any of the work performed pursuant to 40A:5-4.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-12 - Annual financial statement and reports of local unit

40A:5-12. Annual financial statement and reports of local unit
40A:5-12. The chief financial officer of each local unit shall file annually with the director a verified statement of the financial condition of the local unit as of the close of the fiscal year. Such statement shall be filed, upon forms furnished and prescribed by the director, not later than January 26 in the case of a county and not later than February 10 in the case of a municipality after the close of the calendar fiscal year, or not later than August 10 of the State fiscal year in those municipalities which operate on the State fiscal year pursuant to section 2 or 3 of P.L.1991, c.75 (C.40A:4-3.1 or C.40A:4-3.2).
If the official charged with the responsibility of filing shall fail to file such statement within 10 days after the time fixed for filing the same, he shall be subject to a penalty of $5.00 for each day of neglect to file the same, to be recovered in a summary proceeding against such official instituted and prosecuted under the penalty enforcement law (N.J.S.2A:58-1 et seq.).
Amended 1969,c.294; 1977,c.396,s.2; 1991,c.75,s.26; 1994,c.72,s.14.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-13 - Annual financial statements by boards, committees and commissions of a local unit

40A:5-13. Annual financial statements by boards, committees and commissions of a local unit
40A:5-13. Every board, committee or commission of a local unit which by law is vested with power to expend public moneys, other than by warrant upon its financial officer, shall, not later than 10 days after the close of the fiscal year, file with the said financial officer a statement showing in detail the items of moneys received and disbursed by it during the preceding fiscal year, and also the balance of unexpended funds at the end of the fiscal year.
Amended 1991,c.75,s.27.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.1 - Rules and regulations

40A:5-14.1. Rules and regulations
The Division of Local Government Services shall adopt rules and regulations to implement this act. The division may provide for a grace period of time to permit local administrators flexibility in transferring funds between accounts and for variances from the rules and regulations for the handling of small amounts of money as defined by the division.
L.1979, c. 315, s. 2, eff. Jan. 1, 1981.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.2 - Findings, declarations relative to investment of certain municipal funds.

40A:5-14.2 Findings, declarations relative to investment of certain municipal funds.
1. The Legislature finds and declares:
a. Elected municipal officials are the stewards for the property owned by the municipality.
b. It is sometimes necessary or desirable for the municipality to sell some of its assets that are no longer needed for a public purpose.
c. The use of proceeds from the sale or lease of a municipal asset that results in relatively large proceeds, to either fund a new service or to provide property tax relief for a limited period of time, are examples of actions by a local governing body that often necessitate subsequent property tax increases to either continue the new service or to fill-in the revenue gap.
d. Since the development or redevelopment of high valued municipal assets in a municipality in which casino gaming is authorized may be inextricably intertwined with the success of the casino gaming industry, an important revenue source for the State, it is in the best interests of the municipal taxpayers, as well as the citizens of the State, for the State and local elected officials to work collaboratively together to effectuate the prudent disposition of high value assets, to ensure that the interests of the State's casino gaming industry are not harmed, and to plan for the management of proceeds from the sale, assignment, lease, transfer, or redevelopment of those assets, when significant sums are involved, to ensure that any intended relief to municipal property taxpayers is maximized.
L.2008, c.65, s.1.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.4 - Application for approval of plan relative to disposition of certain assets.

40A:5-14.4 Application for approval of plan relative to disposition of certain assets.
3. a. The governing body of a municipality shall apply to the Local Finance Board on or before the 30th day prior to the closing of an agreement for the disposition of an asset requiring board approval in accordance with section 2 of P.L.2008, c.65 (C.40A:5-14.3), for approval of a plan, in the form of an ordinance, to allocate the proceeds of the sale, assignment, lease, transfer, or execution of a redevelopment agreement. The application shall be made in accordance with procedures or forms promulgated by the Local Finance Board. The proposed allocation plan shall state the purposes for which the cash proceeds resulting from the sale, assignment, lease, transfer, or redevelopment of the asset shall be used.
b. Upon the filing of an application pursuant to subsection a. of this section, the Local Finance Board shall schedule a hearing within 45 calendar days upon receipt of the application, for the purpose of approving a proposed plan to allocate the proceeds of the sale, assignment, lease, transfer, or redevelopment of the asset. At the hearing the Local Finance Board may approve the proposed plan or require its modification. The plan may be amended from time-to-time, as deemed necessary by the governing body and the Local Finance Board subject to a two-thirds majority voter referendum.
c. Upon approval by the Local Finance Board in accordance with subsection b. of this section, a proposed ordinance to effectuate the allocation plan may be finally adopted by the municipality.
d. A sale, assignment, lease, transfer, or redevelopment of a municipal asset requiring approval of an allocation plan pursuant to this section shall be voidable if the municipal governing body fails to comply with the requirements of this section.
L.2008, c.65, s.3.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.6 - Duties of investment oversight board.

40A:5-14.6 Duties of investment oversight board.
5. a. An investment oversight board created pursuant to section 4 of P.L.2008, c.65 (C.40A:5-14.5), acting in consultation with the Director of the Division of Investment in the Department of the Treasury, shall:
(1) establish an investment plan for the purposes of its dedicated trust fund established pursuant to subsection a. of section 4 of P.L.2008, c.65 (C.40A:5-14.5), subject to the approval of the State Treasurer; and
(2) annually review its investment plan to assure that the program remains actuarially sound.
b. An investment plan established pursuant to subsection a. of this section shall specify the investment policies, and notwithstanding the provisions of section 8 of P.L.1977, c.396 (C.40A:5-15.1), the types of financial instruments permitted for investment that shall be used by the Division of Investment in its administration of the fund.
c. (1) When required by the allocation plan adopted pursuant to section 3 of P.L.2008, c.65 (C.40A:5-14.4), at the close of each fiscal year of the municipality, the investment oversight board shall certify to the municipality the amount of earnings that are available for distribution.
(2) If those earnings are to be used for municipal property tax relief, then such amount shall be distributed from the dedicated trust fund to the municipality on the following schedule: February 1, 25% of the total amount due; May 1, 25% of the total amount due, August 1, 25% of the total amount due; and November 1, 25% of the total amount due.
(3) Distribution of funds for purposes other than municipal property tax relief shall be made pursuant to an agreement between the municipality and the investment oversight board, if permitted by municipal ordinance.
d. The investment oversight board shall be subject to the "prudent person" standard of care applicable to the Division of Investment in the Department of the Treasury pursuant to subsection b. of section 11 of P.L.1950, c.270 (C.52:18A-89).
e. (1) The day-to-day administration of the investments of any dedicated trust fund established pursuant to subsection a. of section 4 of P.L.2008, c.65 (C.40A:5-14.5) shall be vested with the Division of Investment in the New Jersey Department of the Treasury.
(2) The division shall be responsible for providing such services as may be deemed necessary for the implementation of a comprehensive investment program for the approved investment plan, including, but not limited to:
(a) providing billing;
(b) individual and collective record keeping and accounting;
(c) asset purchase, control, and safe keeping;
(d) investment management, marketing, administration, compliance, and internal control;
(e) program operations; and
(f) other services necessary to carry out the purposes of P.L.2008, c.65 (C.40A:5-14.2 et al.).
L.2008, c.65, s.5.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.7 - Responsibilities of investment oversight board relative to reports.

40A:5-14.7 Responsibilities of investment oversight board relative to reports.
6. a. Every investment oversight board created pursuant to section 4 of P.L.2008, c.65 (C.40A:5-14.5) shall be responsible for keeping a record of all of its proceedings, which shall be open to public inspection. It shall publish a quarterly report of the trust account's operations and an annual report showing the fiscal transactions of the dedicated trust fund for the preceding year, the amount of accumulated cash and securities of the fund, and the last balance sheet showing the financial condition of the dedicated trust fund by means of an actuarial valuation of the assets and liabilities of the dedicated trust fund.
b. All reports required pursuant to subsection a. of this section shall be submitted to the Governor, Commissioner of Community Affairs, State Comptroller, the State Treasurer, and each member of the governing body of the municipality no later than 45 days after the end of the municipality's fiscal year.
L.2008, c.65, s.6.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.8 - Annual audit of dedicated trust funds.

40A:5-14.8 Annual audit of dedicated trust funds.
7. a. The accounts of every dedicated trust fund established pursuant to subsection a. of section 4 of P.L.2008, c.65 (C.40A:5-14.5) shall be subject to annual audits by the State Auditor or a designee. In addition, the investment oversight board of a dedicated trust fund shall commission an independent audit of its program. The results of the independent audit shall be open to public inspection and shall be provided to the Governor, Commissioner of Community Affairs, State Comptroller, the State Treasurer, and each member of the governing body of the municipality. The investment oversight board may use earnings of the fund to pay for the cost of an independent audit required by this subsection.
b. Statements, reports on distributions, and information returns relating to accounts for a dedicated trust fund shall be prepared, distributed, and filed to the extent required by section 529 of the federal Internal Revenue Code of 1986, 26 U.S.C. s.529.
L.2008, c.65, s.7.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.9 - Rules, regulations.

40A:5-14.9 Rules, regulations.
9. The Local Finance Board in the Department of Community Affairs may adopt rules and regulations pursuant to the provisions of the "Administrative Procedure Act," P.L. 1968, c.410 (C. 52:14B-1 et seq.) as the Board may deem necessary to implement or administer any of its responsibilities under this act, P.L.2008, c.65 (C.40A:5-14.2 et al.).
L.2008, c.65, s.9.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-14.10 - Effective date.

40A:5-14.10 Effective date.
10. This act shall take effect immediately and shall be retroactive with respect to resolutions for the sale, assignment, lease, transfer, or redevelopment of municipal property that are adopted on or after March 1, 2008.
L.2008, c.65, s.10.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-15 - Deposit of funds paid to the local unit

40A:5-15. Deposit of funds paid to the local unit
All moneys, including moneys collected by taxation, received from any source by or on behalf of any local unit or any board or department thereof shall, within 48 hours after the receipt thereof, either
a. be paid to the officer charged with the custody of the general funds of the local unit, who shall deposit all such funds within 48 hours after the receipt thereof to the credit of the local unit in its designated legal depository, or
b. be deposited to the credit of the local unit in its designated legal depository.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.
2023 New Jersey Revised Statutes › Title 40A - Municipalities and Counties › Section 40A:5-15.2 - Record and report of securities received

40A:5-15.2. Record and report of securities received
When said securities are received by the local unit the chief financial officer shall duly record the receiving thereof in an appropriate manner and at the next regular or special meeting after such receipt he shall transmit a written report to the governing body setting forth the amount of securities so received, the series, date, numbers and interest periods, if any, thereof and at the same time, transmit said securities to such depository, person or persons as the governing body shall direct for safekeeping. Such written report shall be recorded in the minutes at such meeting, and a certified copy of such minute record shall forthwith be filed with the bureau.
L.1977, c. 396, s. 9, eff. Feb. 23, 1978.