N.J. Admin. Code § 6A:23A-10.1
Current through Register Vol. 57, No. 1, January 6, 2025
Section 6A:23A-10.1 - Unused tax authority (banked cap)(a) A district board of education may increase its adjusted tax levy pursuant to N.J.S.A. 18A:7F-39.e.(b) A district board of education shall comply with the following when including unused tax authority in any of the next three budget years:1. Fully exhaust all tax authority authorized pursuant to N.J.S.A. 18A:7F-38 in the budget prior to including unused tax authority calculated pursuant to (a) above in that budget year;2. Adopt and submit with the budget application a true copy of a formal district board of education resolution that contains the need for, and the amount of, the unused tax authority to be included in the base budget, and a statement that said need must be completed by the end of the budget year and cannot be deferred or incrementally completed over a longer period of time; and3. Submit with the budget application a true copy of the minutes of the district board of education meeting at which the need for the unused tax authority to be included in the base budget was formally introduced and discussed in public.(c) Unused tax authority calculated pursuant to (a) above that is created by merging a passed separate proposal(s) with the base budget shall not be considered unused tax authority available to a district board of education in the next three subsequent budget years.(d) A district board of education shall fully utilize unused tax authority from the earliest prior year(s) before utilizing unused tax authority from the prebudget year.(e) The executive county superintendent may disapprove use of banked cap, pursuant to N.J.S.A. 18A:7F-5, if the executive county superintendent determines the district board of education has not implemented all potential efficiencies in the administrative operations of the school district.N.J. Admin. Code § 6A:23A-10.1
Amended by 49 N.J.R. 1038(a), effective 5/1/2017Amended by 56 N.J.R. 2141(a), effective 11/4/2024