New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 31 - LOCAL AUTHORITIES
Subchapter 2 - BUDGETS
Section 5:31-2.6 - Budget review by Director
Universal Citation: NJ Admin Code 5:31-2.6
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Upon receipt of an introduced budget, the Director shall review the budget to determine the following:
1. All estimates of revenue are
reasonable, accurate and correctly stated;
2. Items of appropriation are properly set
forth;
3. In itemization, form and
content, the budget will permit the comptroller function within the
authority;
4. The schedule of
rates, fees, and charges then in effect will produce sufficient revenues,
together with all other anticipated revenues, to satisfy all obligations to the
holders of bonds of the authority, to meet operating expenses, capital outlays,
debt service requirements, and to provide for such reserves, all as may be
required by law, rules, or terms of contracts or agreements; and
5. That the most recent audit report required
to be filed with the Director of the Division of Local Government Services has
been filed in accordance with
N.J.S.A.
40A:5A-15.
(b) The Director may require such documentation, records and other information, and undertake any audit or investigation, as he or she may deem necessary in connection with his or her review.
(c) If the Director finds that all requirements of law and the rules and regulations of the Local Finance Board have been met, he or she shall approve it; otherwise he or she shall refuse to approve it.
(d) The Director in refusing to approve a budget:
1.
Shall not substitute his or her discretion with respect to the amount of an
appropriation when that amount is not made mandatory by law or
regulation.
2. Shall notify the
governing body of his or her reasons for refusing to approve and the conditions
upon which approval will be granted.
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