New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 13 - FINANCIAL REVIEW BOARDS
Section 5:30-13.6 - Financial plan modification
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Following approval of a financial plan, the board shall examine the financial plan on a regular basis, in consultation with the mayor and governing body of the municipality.
(b) The municipality shall establish a system for reporting on its progress in complying with the various components of the plan. These reports shall be prepared in a form and with such contents as shall be prescribed by the board.
(c) Reports regarding the municipality's compliance with the budget plan component shall be made monthly.
(d) Reports regarding the municipality's compliance with the other components of the financial plan shall be made quarterly.
(e) In the event that the reports provided to the board indicate that expenditures made by the municipality are not consistent with the approved financial plan, the board shall be authorized to issue orders and directives as it believes necessary to ensure compliance with the plan.
(f) If, in the board's judgment, it appears at any time that the amount of revenues which the municipality is reasonably likely to realize in cash during any fiscal year will be less than the amount of anticipated revenues in the municipality's annual budget, or that the expenditures for the municipality during any fiscal year will exceed the amount of revenues that the municipality is reasonably likely to realize in cash during that fiscal year, the board may direct the municipality to submit a financial plan modification to the board describing how the municipality shall adjust revenue estimates and reduce expenditures to conform the expenditures of the municipality to such revised revenue estimates.
(g) The board shall approve a financial plan modification so long as the modification complies with the requirements of these rules.
(h) Following approval by the board, the municipality shall implement that financial plan modification.
(i) If the municipality fails to submit a plan modification within the time period specified by the board, the board, upon adoption of a resolution, may formulate and approve a financial plan modification as may be necessary to achieve the purposes of the board and thereafter direct its implementation by the municipality.
