N.J. Admin. Code § 16:20B-7.1

Current through Register Vol. 57, No. 1, January 6, 2025

Section 16:20B-7.1 - General provisions

(a) Municipalities shall maintain complete documentation of projects for a period of three years after final reimbursement or notification by the Department of municipal local aid agreement closure.

(b)The municipality shall comply with the State of New Jersey Single Audit Policy defined by the Department of Treasury, Office of Management and Budget (OMB Circular 04-04 or as superseded) and the Single Audit Act of 1984 as amended (Federal OMB Circular A133). These circulars are available in electronic format on the New jersey Department of Treasury, Office of Management and Budget website at http://www.state.nj.us/infobank/circular/cir0404b.htm and at the Federal government website at www.whitehouse.gov/OMB.

(c)A Single Audit of the municipality shall be performed annually by an independent auditor or public accountant who meets the independence standards specified in generally accepted government auditing standards in conformity with the State Audit Policy.

(d)Audit costs incurred by the municipality to comply with the subchapter shall not be reimbursable.

N.J. Admin. Code § 16:20B-7.1

Amended by 46 N.J.R. 868(a), effective 5/19/2014.