13:17-77. Annual budget; items of expenditure

202 words·~1 min read·/nj/title-13/chapter-17/13-17-77

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

On or before February 25 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% of the amount stated;

(b)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 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.1968, c. 404, s. 75.