New Jersey Statutes 40A:4-58. Appropriation transfers during last 2 months of fiscal year
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Terms Used In New Jersey Statutes 40A:4-58
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- budget: means the budget of a local unit. See New Jersey Statutes 40A:1-1
a. Should it become necessary, during the last 2 months of the fiscal year, to expend for any of the purposes specified in the budget an amount in excess of the respective sums appropriated therefor and there shall be an excess in any appropriations over and above the amount deemed to be necessary to fulfill the purpose of such appropriation, the governing body may, by resolution setting forth the facts, adopted by not less than 2/3 vote of the full membership thereof, transfer the amount of such excess to those appropriations deemed to be insufficient; no transfers may be made to appropriations for contingent expenses or deferred charges.
b. No transfers may be made under this section from appropriations for
1. contingent expenses,
2. deferred charges,
3. cash deficit of preceding year,
4. reserve for uncollected taxes,
5. down payments,
6. capital improvement fund,
7. interest and redemption charges.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.