New Jersey Statutes 40A:4-87. Special items of revenue and appropriations
Terms Used In New Jersey Statutes 40A:4-87
- 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
- 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.
- local unit: means a county or municipality. See New Jersey Statutes 40A:1-1
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
The director may approve the insertion of any special item of revenue in the budget of any local unit when such item shall have been made available by any public or private funding source and the amount thereof shall not have been determined at the time of the adoption of the budget, and may approve the insertion of an appropriation item of an amount equal to any such special item of revenue making such item of revenue available for expenditure.
A local unit may borrow money and issue its negotiable notes to meet such purpose. Such notes shall be authorized by resolution adopted by the governing body of the local unit and shall be designated as “Special (here insert purpose) Aid Notes”.
Such notes shall mature not later than three months from their date and may be renewed from time to time until the end of the third month after the purpose for which the appropriation was made shall have been completed, or until the end of 31 days after the receipt in full by such local unit of all moneys anticipated from grants-in-aid or other sources for such purpose, whichever shall be later.
Any such notes that shall remain unpaid at the close of the first full fiscal year after the purpose shall have been completed shall be included in the budget of the then next succeeding fiscal year as an item of appropriation for the payment thereof. The provisions of this chapter relating to tax anticipation notes shall apply to such notes.
Amended 1989,c.226,s.1.