N.J. Admin. Code § 3:34-1.5
Current through Register Vol. 56, No. 16, August 19, 2024
(a) Each public depository, unless exempt, shall pay an annual fee for every fiscal year. The fee will be based on the average daily public funds on deposit for the three-month reporting period ending on the June 30 valuation date of the prior fiscal year.(b) A public depository paying dedicated funding assessments pursuant to N.J.A.C. 3:5 shall be exempt from paying the annual fee set forth in this section.(c) Payment shall be made by electronic means as directed by the Commissioner on the Department's website at http://www.nj.gov/dobi/index.html at the time of the filing in accordance with (a) above and (d) and (e) below.(d) The amount of the annual fee shall be: 1. $ 500.00 for a public depository with no uninsured public funds;2. $ 1,000 for a public depository with less than $ 50,000,000 in uninsured public funds;3. $ 2,000 for a public depository with $ 50,000,000 or more, but less than $ 100,000,000 in uninsured public funds;4. $ 3,000 for a public depository with $ 100,000,000 or more, but less than $ 200,000,000 in uninsured public funds;5. $ 4,000 for a public depository with $ 200,000,000 or more, but less than $ 300,000,000 in uninsured public funds;6. $ 5,000 for a public depository with $ 300,000,000 or more, but less than $ 400,000,000 in uninsured public funds; or7. $ 6,000 for a public depository with $ 400,000,000 or more in uninsured public funds.(e) A proportional amount of the annual fee shall be charged to a public depository that accepts its first public funds deposit in a fiscal year after July 1, based on the first report filed during a fiscal year covering a full three-month period ending on a valuation date. The amount of the proportional fee will be determined by the amount of the public funds held during the first full three-month period and in which quarter of the fiscal year the public depository commenced to accept public funds for deposit, as specified in the first report filed as referenced above. For example, if a public depository first accepts public funds in December, the first full three-month period ending on a valuation date during which it would hold such funds would end on the succeeding March 31. If the average daily amount of public funds on deposit during that three-month period was $ 50,000,000 or more but less than $ 100,000,000, the fee payable by that public depository would be $ 1,500, determined by dividing the $ 2,000 full year fee for that amount by .75, since the fee would be payable for the second, third and fourth quarters of that fiscal year, which were the quarters, or parts thereof, that the public depository was authorized to hold public funds. A public depository that had previously been charged an annual fee or a proportional amount of an annual fee as set forth herein, but which subsequently ceased to hold any public funds and was not charged any fee for the fiscal year immediately preceding the fiscal year in which it renews its acceptance of public funds, shall be charged a proportional fee amount as set forth in this subsection based upon its renewed acceptance of such funds.(f) All fees are non-refundable.(g) Failure to timely pay fees will result in the depository being removed from the approved list referenced in 3:34-1.8.N.J. Admin. Code § 3:34-1.5
Amended by 50 N.J.R. 1257(a), effective 5/21/2018