New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 32 - LICENSURE OF CERTAIN LOCAL GOVERNMENT OFFICERS › Subchapter 2 - MUNICIPAL AND COUNTY CHIEF FINANCIAL OFFICERS › Section 5:32-2.1 - Duties of a chief financial officer

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The chief
				financial officer, including anyone classified as temporary pursuant to
				N.J.S.A.
				40A:9-140.13. for interim pursuant to
				N.J.S.A.
				40A:9-140.11, shall carry out the duties set forth
				in this section along with such other duties as are required by law:
1. Serve as custodian of all public
				funds;
2. Assist in preparing the annual
				budget;
3. Ensure the proper and
				accurate preparation, posting, maintenance, and reconciliation, as applicable, of
				all books, ledgers, schedules, statements, reports, and other records pertaining to
				municipal or county finances. All financial schedules and, as applicable, other
				records shall be prepared in such a manner as to facilitate audit review;
4. Maintain and monitor separate accounts for all
				budgeted appropriations and anticipated revenue;
5. Prepare year-end reports of all revenues and
				expenditures and provide the governing body with periodic status reports for all
				budget revenues and appropriations as they correspond to the annual adopted
				budget;
6. Prepare, analyze, and/or
				review monthly reports of the treasurer, tax collector (in the case of a
				municipality), financial reports of other departments, and on all
				investments;
7. Lead in helping the
				governing body develop fiscal policy, including preparing projections and
				calculations to support long-term plans concerning revenue, appropriations, surplus,
				the tax levy and caps thereon and, for chief municipal finance officers, the
				municipal budget appropriations cap;
8.
				Develop and implement a system of internal controls to safeguard assets and monitor
				compliance, including:
i. Documentation of
				internal accounting control processes, procedures, and authorizations, with regular
				review and evaluation of same;
ii.
				Training all relevant personnel, including, but not limited to, department heads
				and/or others in positions of approval;
iii. Administration and oversight of claim payment
				procedures; and
iv. Supervising petty
				cash accounts and change funds; and
9. Ensure compliance with all statutes, rules,
				regulations, and directives pertaining to financial administration and such other
				duties assigned by law to the chief financial officer, including:
i. Provisions of the Local Government Supervision
				Act, N.J.S.A. 52:27BB-1 et seq., Local Bond Law,
				N.J.S.A.
				40A:2-1 et seq., Local Budget Law,
				N.J.S.A.
				40A:4-1 et seq., Local Fiscal Affairs Law,
				N.J.S.A.
				40A:5-1 et seq., and such other statutes as may
				pertain to financial administration including, as applicable, the Local Public
				Contracts Law,
				N.J.S.A.
				40A:11-1 et seq.;
ii. Rules and regulations promulgated by the Local
				Finance Board, Director of the Division of Local Government Services or any other
				State or Federal agency pertaining to financial administration;
iii. Directives of the Division of Local
				Government Services in the Department of Community Affairs;
iv. Single Audit Act requirements promulgated by
				Federal or State law that pertain to financial compliance;
v. Continuing financial disclosure obligations as
				may be set forth in Federal law, State law, and any agreements executed as part of
				past issuances of debt; and
vi.
				Regulations of the Internal Revenue Service relating to the issuance of tax exempt
				debt, as well as requirements related to employee payroll and vendor
				payments.