New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 15 - ACCUMULATED ABSENCE MANAGEMENT AND FINANCING
Section 5:30-15.5 - Accounting for compensated absence funds
Universal Citation: NJ Admin Code 5:30-15.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A county or municipality may appropriate and reserve funds for the purpose of compensating employees for accumulated absence time in accordance with the following:
1. No funds may be appropriated or
reserved unless the local unit has complied with
5:30-15.4(a).
2. The amount to be appropriated is
specifically reserved to the governing body. Nothing in this section shall
require any specific amount to be appropriated in any given year. In addition:
i. Total appropriations for compensated
absences shall not exceed the value of the total accumulated absence, as
determined by the chief financial officer of the local unit.
ii. Once appropriated, funds so reserved for
compensated absence shall not be used for any other purpose unless so approved
by the Local Finance Board.
iii.
Current fund appropriations for municipalities and county governments shall be
deposited into a dedicated trust fund, pursuant to
40A:4-39.
iv. Funds may be disbursed in accordance with
the Local Fiscal Affairs Law,
40A:5-1 et seq., as necessary, to
meet the obligations of the employer agreement.
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