New Jersey Division of Local Government Services Local Finance Notices 2020-11 & 2020-12
Local Finance Notice 2020-11 – COVID-19: Overview of Financial Controls and Strategic Budgeting for Fiscal Recovery
New Jersey remains under a COVID-19 related State of Emergency declaration, and local government units are facing many unprecedented challenges during this time. The Division of Consumer Affairs has issued this Local Finance Notice to guide local units in positioning themselves to adapt to the present circumstances and achieve long-term recovery. The Division outlined 6 key areas that local units will want to consider in the coming week/months:
- Maximizing Budget Flexibility by Accessing Available Revenues and Streamlining Budgeted Appropriations
- Alternative Methodologies for Calculation of the Reserve for Uncollected Taxes
- Enhancing Capital Fund Capacity
- Maximizing Liquidity and Maintain Fund Balance
- Improving Liquidity When Accessing the Municipal Debt Market
- Improve Revenues by Organizing and Electronic Lien Sale
While each of these may not apply to every local unit, it is recommended that each unit consider the above noted items. This will allow local units to adapt to the present circumstances and leave them in the greatest position to achieve long-term recovery during these unprecedented times.
Local Finance Notice 2020-11
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/20/2020-11.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2020-11 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or sdw@w-cpa.com.
