N.J. Admin. Code § 5:30-15.3

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:30-15.3 - Calculation of compensated absence liability

(a) Each municipality and county shall include a breakdown of accumulated absences and a preliminary schedule of the value of compensated absence, to be submitted as part of the local unit's introduced and adopted annual budget. The report shall provide the following information:

1. The gross number of days of accumulated absences and the dollar value of same as of the final day of the prior budget year, broken down by:

i. Sick days, vacation days, personal days, compensatory time, and other absence time; and

ii. Bargaining unit in the case of unionized employees, and individual position in the case of nonunionized employees, with those non-union employees holding more than one position reported based on the accumulated absence liability for all positions held;

2. For each collective bargaining unit or individual position, the legal basis for the benefit;

3. The number of individuals, regardless of whether part of a collective bargaining unit, that are subject to restrictions on accumulated absence compensation and/or accumulation pursuant to P.L. 2007, c. 92 or P.L. 2010, c. 3;

4. A summary of any offsetting reserves or budgeted appropriations; and

5. For municipalities, accumulated absence liability reporting shall be incorporated into the municipal user-friendly budget pursuant to N.J.A.C. 5:30-3.8. On an annual basis, the municipality shall provide a copy of its accumulated absence liability reporting to the municipal auditor.

(b) The annual audit required of every local unit shall report, each year, on the value of compensated absence owed to employees and the amount accumulated for payment. This information shall be reflected in financial reports and the annual audit, as follows:

1. For municipalities and counties, in the Notes to the Financial Statements;

2. For authorities, as a balance sheet liability pursuant to Government Accounting Standards Board (GASB) Statement Number 34 (1999), Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments, incorporated herein by reference, as amended and supplemented; and

3. For fire districts, on the Statement of Net Assets pursuant to GASB Statement 34.

(c) All compensated absence calculations shall be made pursuant to GASB Statement Number 16 (1992), Accounting for Compensated Absences (C. 60), incorporated herein by reference, as amended and supplemented, and shall be subject to any restrictions on accumulated absence compensation and/or accumulation pursuant to State law.

(d) Budget appropriations for compensated absences shall be shown on a single budget line in each local unit budget.

N.J. Admin. Code § 5:30-15.3

Amended by 55 N.J.R. 1690(a), effective 8/7/2023