Section 5:10A-61 - Adoption of annual budget.

NJ Rev Stat § 5:10A-61 (2019) (N/A)

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5:10A-61 Adoption of annual budget.

61. On or before January 1 of each year, the commission shall adopt an annual budget for the year, which shall include the following items of expenditure:

a. An operating budget covering administrative, operating, and maintenance expenses of each office, activity, or project of the commission, plus contingent expenses of up to 5 percent of the amount stated;

b. A capital budget, including deposits in any capital improvement fund or capital reserve fund, down payments, or expenditures for capital projects, and interest payments, sinking fund deposits, principal maturities, and redemption premiums payable in such year on bond and notes of the commission;

c. Deferred charges; and

d. Estimates of the following revenues:

(1) Cash balances and surplus;

(2) Federal, State, and other grants-in-aid;

(3) Revenues from charges and fees for the use of the commission's facilities;

(4) Receipts from special assessments, but not in excess of the amount budgeted in such year for interest, principal maturities, sinking fund deposits, and redemption premiums on bonds secured by such assessments, until all bonds so secured are paid in full;

(5) Payments by municipalities or other governmental bodies pursuant to contracts for services performed by the commission; and

(6) Miscellaneous other revenues and receipts.

L.2015, c.19, s.61.

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