Terms Used In New Jersey Statutes 40A:4-40.3

  • budget: means the budget of a local unit. See New Jersey Statutes 40A:1-1
  • Contract: A legal written agreement that becomes binding when signed.
  • director: means the Director of the Division of Local Government Services in the Department of Community Affairs. See New Jersey Statutes 40A:1-1
  • fiscal year: means the period for which a local unit adopts a budget, as required pursuant to the "Local Budget Law" N. See New Jersey Statutes 40A:1-1
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
14. Prior to the award of a contract for the sale of the total property tax levy pursuant to section 16 of P.L.1997, c.99 (C. 54:5-113.5), or when a municipality chooses to reduce its reserve for uncollected taxes by deducting the receipts anticipated during the fiscal year from the sale of unpaid taxes or municipal liens when concluded in the final month of the fiscal year as allowed pursuant to R.S.54:5-19, the chief financial officer or registered municipal accountant shall provide the governing body a fiscal analysis of the impact of the sale on the current budget and the projected budgets for the next two subsequent years. The Director of the Division of Local Government Services in the Department of Community Affairs may promulgate a standard form to be used for this purpose, which, if promulgated, shall include, but not be limited to, the amount of the reserve for uncollected taxes, receipts for delinquent taxes and the municipal tax rate. The analysis shall be a public record.

L.1997,c.99,s.14.

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