40A:4-59. Appropriation transfers during first 3 months of succeeding year
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/nj/title-40a/chapter-4/40a-4-59A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
a. If, during the first 3 months of any fiscal year, the amount of any appropriation reserve for the immediately preceding fiscal year is insufficient to pay the claims authorized or incurred during said preceding year which were chargeable to said appropriation, and there shall be an excess in any appropriation reserves over and above the amount deemed to be necessary to fulfill its purpose, the governing body may, by resolution adopted by not less than a 2/3 vote of the full membership thereof, transfer the amount of such excess to an appropriation reserve or an appropriation in the prior budget deemed to be insufficient to fulfill its purpose or for which no reserve was provided.
No transfers may be made to appropriation reserve for contingent expenses or deferred charges.
b. No transfers may be made under this section from appropriation reserves for
1. contingent expenses,
2. down payments,
3. capital improvement fund.
L.1960, c. 169, s. 1, eff. Jan. 1, 1962.