N.J. Admin. Code § 5:30-4.3

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

Section 5:30-4.3 - When required

(a) Every local unit shall prepare and adopt a capital budget, in conjunction with its annual operating budget, for any year in which it proposes to undertake a capital project. Inclusion of the following in the annual budget for the year shall, as a minimum, demonstrate the necessity of adopting a capital budget: appropriations for capital improvement fund, specific capital line items or down payments.

(b) No local unit shall adopt a bond ordinance unless:

1. It has already adopted a capital budget as part of the annual budget; or

2. If prior to final adoption of the annual budget, by adoption of a temporary capital budget which subsequently shall be included in the annual budget; or

3. If a need is determined after adoption of the annual budget, by adoption of a capital budget or an amendment to the capital budget.

(c) Every local unit which adopts a capital budget shall also adopt a capital program, as provided below, or add a year to an existing capital program to replace the budget year. The capital program shall be submitted to the director with the capital budget.

(d) Notwithstanding (a) above to the contrary, a local unit that owns a water system shall prepare and adopt a capital budget for each budget year.

N.J. Admin. Code § 5:30-4.3

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