New Jersey Statutes 40A:4-45.1a. “Cost-of-living adjustment” defined
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Terms Used In New Jersey Statutes 40A:4-45.1a
- 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.
- 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
4. As used in this amendatory and supplementary act, “cost-of-living adjustment” means the rate of annual percentage increase, rounded to the nearest half-percent, in the Implicit Price Deflator for State and Local Government Purchases of Goods and Services, computed and published quarterly by the United States Department of Commerce, Bureau of Economic Analysis, calculating the annual increase therein at the second and fourth quarter which occurred in the next preceding local fiscal year. Any reference to “index rate” means the “cost-of-living adjustment” defined in this section. The Director of the Division of Local Government Services shall promulgate bi-annually the cost-of-living adjustment to apply in the next following local fiscal year.
L.1983,c.49,s.4; amended 1991, c.75, s.20; 2004, c.74, s.1.