Local Finance Notice 2022-22 CY2023 Budget Deadline Extension and Enforcement
- Governing bodies may adopt a budget anytime within 10 days of receiving the Director’s certification of approval of the budget.
- COVID Special Emergencies: The deferred charges for the COVID Special Emergencies can be excluded from both the 1977 and 2010 caps.
Transitional Aid Application Process
- Municipalities in financial distress will have one opportunity to apply for Transitional Aid to Localities, but should carefully evaluate whether it is necessary and appropriate to seek Transitional Aid.
- Municipalities that received Transitional Aid in CY 2022 are allowed to anticipate 85 percent of their CY 2022 aid allocation.
Municipal Aid and the FY2024 State Budget
- The Division will notify municipalities of the amount of Consolidated Municipal Property Tax Relief Aid and Energy Tax Receipts aid that can be anticipated in their 2023 budgets.
- Group 1 budgets will be examined by the Division for CY 2023, and Groups 2 and 3 may be eligible for local examination.
Other Budget Reminders
- Amendment Procedures: The amendment process can begin after the public hearing has been held on the introduced budget.
- Employee contributions, employer share, and total costs for health care coverage are disclosed in each formal Budget Message. The disclosure may be broken down by employee group.
- The Municipal Library Tax Levy is a dedicated line item on property tax bills. It is the minimum amount only.
- N.J.S.A. 40A:4-10 requires municipalities to post their adopted budgets on their web site. Municipalities without their own websites must have their adopted budgets posted on the Division’s website.
- P.L.2020, c. 34, authorizes the Director to extend deadlines for audits of municipalities and authorities with fiscal years ending June 30, 2022, for an additional 90 days.
Local Finance Notice 2022-22
Please follow the link below to read more about these items and guidance on how your local unit can implement them: https://www.nj.gov/dca/divisions/dlgs/lfns/22/2022-22.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2022-22 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or firstname.lastname@example.org.