N.J. Admin. Code § 5:31-2.8

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

Section 5:31-2.8 - Budget amendments; all authority budgets except for fire districts

(a) Amendments to the budget and capital budget are permitted as follows:

1. Decrease in revenue with corresponding decrease in budgeted costs;

2. Reclassification of budgeted amounts among expense categories;

3. Increase in budgeted costs with corresponding increases in budgeted revenues;

4. Decrease in specific capital project costs or elimination of previously identified projects;

5. Deferral of capital projects funding to future years;

6. Increase in capital project costs or additional projects with identification and timing of anticipated funding sources.

(b) All amendments to the budget shall be approved and adopted by resolution of the authority, passed by not less than a majority of the full membership. The resolution shall set forth the reasons for the amendment.

(c) Two certified copies of the amendment and certified copies of all relevant resolutions shall be transmitted to the Director within three days after adoption. Upon implementation of the Financial Automation Submission Tracking (FAST) system, or such other automated system as may be implemented by the Director, the certified amendment and certified copies of all relevant resolutions shall be electronically transmitted to the Director within three days after adoption. The Director shall have the discretion to require the submission of one or more certified paper copies of the certified amendment and accompanying resolutions, together with all relevant information and documentation as prescribed in this section or as otherwise may be required by the Director, parallel to electronic submission. One certified copy of the amendment shall be transmitted to each local unit within three days after adoption.

(d) No proposed budget or amendment thereto shall become effective prior to approval by the Director.

N.J. Admin. Code § 5:31-2.8

Amended by R.2021 d.006, effective 1/4/2021.
See: 52 N.J.R. 1489(a), 53 N.J.R. 53(a).
Section was "Budget amendments". Rewrote (c).