N.J. Admin. Code § 5:31-2.6

Current through Register Vol. 56, No. 11, June 3, 2024

Section 5:31-2.6 - Budget review by Director

(a) Upon receipt of an introduced budget, the Director shall review the budget to determine the following:

1. All estimates of revenue are reasonable, accurate and correctly stated;

2. Items of appropriation are properly set forth;

3. In itemization, form and content, the budget will permit the comptroller function within the authority;

4. The schedule of rates, fees, and charges then in effect will produce sufficient revenues, together with all other anticipated revenues, to satisfy all obligations to the holders of bonds of the authority, to meet operating expenses, capital outlays, debt service requirements, and to provide for such reserves, all as may be required by law, rules, or terms of contracts or agreements; and

5. That the most recent audit report required to be filed with the Director of the Division of Local Government Services has been filed in accordance with N.J.S.A. 40A:5A-15.

(b) The Director may require such documentation, records and other information, and undertake any audit or investigation, as he or she may deem necessary in connection with his or her review.

(c) If the Director finds that all requirements of law and the rules and regulations of the Local Finance Board have been met, he or she shall approve it; otherwise he or she shall refuse to approve it.

(d) The Director in refusing to approve a budget:

1. Shall not substitute his or her discretion with respect to the amount of an appropriation when that amount is not made mandatory by law or regulation.

2. Shall notify the governing body of his or her reasons for refusing to approve and the conditions upon which approval will be granted.

N.J. Admin. Code § 5:31-2.6

Amended by R.1985 d.511, effective 10/21/1985.
See: 17 New Jersey Register 1823(a), 17 New Jersey Register 2537(a).
(d)2 deleted text "transmit in writing his reasons for disapproval" and substituted "notify the governing body of his reasons for refusing to approve."

Amended by 53 N.J.R. 50(a), effective 1/4/2021