New Jersey Statutes 40A:4-24. Surplus
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Terms Used In New Jersey Statutes 40A:4-24
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- budget: means the budget of a local unit. See New Jersey Statutes 40A:1-1
- director: means the Director of the Division of Local Government Services in the Department of Community Affairs. See New Jersey Statutes 40A:1-1
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
“Surplus” in the current section of accounts shall consist of the excess of quick assets such as cash, investments, State or other public aid receivable, and deferred charges over legal and demand liabilities.
Unless the director shall give his prior written consent thereto, the amount of any item of “surplus anticipated” included in any budget shall not exceed the amount of surplus held in cash or quick assets at the beginning of the fiscal year.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.