New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 30 - LOCAL FINANCE BOARD
Subchapter 7 - MUNICIPAL BUDGET LOCAL EXAMINATION AND APPROVAL
Section 5:30-7.3 - Local examination process

Universal Citation: NJ Admin Code 5:30-7.3

Current through Register Vol. 56, No. 18, September 16, 2024

(a) Each year the chief financial officer of each municipality shall certify its local examination status to the Division as part of its annual financial statement.

(b) Subject to the criteria in this subchapter, each municipality may locally examine their budget in any two of every three consecutive years.

(c) In every municipality participating in the local examination process, the governing body and chief financial officer shall ensure that the annual budget has been locally examined.

(d) In order to conduct a local examination, the municipality must be advised by the Director that it meets the eligibility criteria in 5:30-7.4, and then qualify for local examination by certifying that it meets the criteria in 5:30-7.5.

(e) A municipality conducting a local examination shall file copies of the annual financial statement, annual debt statement, introduced and adopted budget, amendments, certifications, and other documents required to be filed with the Director, as required by law and rule, as if the budget were to be examined by the Director.

(f) By resolution of the governing body, any municipality that qualifies for local examination may choose to have its budget examined by the Director and not participate in the local examination process that year.

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