New Jersey Division of Local Government Services Local Finance Notice 2023-15
Wielkotz & Company
February 28, 2024
Local Finance Notice 2023-15 Current Public Bidding Thresholds and Office of State Comptroller Reporting Thresholds
Pursuant to N.J.S.A. 40A:11-3(c) and 18A:18A-3(b), the State Treasurer has exercised her authority to adjust bid thresholds for contracting units subject to the Local Public Contracts Law and the Public School Contracts Law. These adjustments became effective on July 1, 2020
Updates to Thresholds
- The maximum bid threshold for contracting units that have appointed a Qualified Purchasing Agent has been increased from $40,000 to $44,000. The maximum bid threshold for contracting units that do not have a Qualified Purchasing Agent remains at $17,500.
- Two exceptions to the bid threshold amounts mentioned above involve road contracts subject to N.J.S.A. 27:2-1 or N.J.S.A. 27:16-16, and the odd-year bid threshold adjustment formula that was in effect prior to P.L. 1999, c. 440.
Local Finance Notice 2023-15
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/dlgs/lfns/2023-15.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2023-15 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or sdw@w-cpa.com.
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