N.J. Admin. Code § 5:30-4.2

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

Section 5:30-4.2 - Definitions

The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise.

"Annual budget" means the Official Budget required to be adopted by the Local Budget Law, and which for purposes of this subchapter includes a separate section known as the Capital Budget and Capital Improvement Program.

"Capital budget" means the first year of a capital program.

"Capital program" means a moving, multi-year plan and schedule for capital projects, including prospective financing sources and, when pertinent, first year operating costs and savings.

"Capital project" means any of the following, with an expected useful life of five years or more and a prospective individual or (when added to the cost of other such items as are listed below) cumulative cost in any year of $ 25,000 or more, regardless of the financing sources:

1. Acquisition and/or development of land;

2. Acquisition of major equipment, furniture, or other personal property;

3. Acquisition, construction, improvement and/or renovation of buildings, roads, utilities, structures, improvements or public works;

4. Any other matter described in 40A:2-22;

"Director" means the Director of the Division of Local Government Services or his designated representative.

"Financing sources" means any of the following, in any combination, from which moneys are provided to finance capital projects:

1. Appropriations in the annual budget(s) of the current, utility or enterprise, capital or other fund;

2. Bonds or notes;

3. Appropriations from the Capital Improvement Fund or any other funds or reserves;

4. State or Federal aid;

5. Private contributions, bequests, etc.

"Local unit" means any county or municipality.

N.J. Admin. Code § 5:30-4.2