N.J. Admin. Code § 6A:23A-8.5

Current through Register Vol. 56, No. 18, September 16, 2024

Section 6A:23A-8.5 - Designation of general fund balances

(a) Each district board of education shall designate, at a minimum, in the original budget certified for taxes an estimate of undesignated-unassigned general fund balance at June 30 of the prebudget year in excess of the limitations contained in N.J.S.A. 18A:7F-7, less any excess amount(s) approved by the Commissioner for deposit into a capital reserve account, pursuant to N.J.A.C. 6A:23A-14.1, less any Federal impact aid anticipated to be received in the prebudget year, less any restricted school bus advertising revenue, pursuant to N.J.S.A. 18A:39-31, and any general fund balance(s) restricted by law or regulation or designation.

(b) If a school district's audited undesignated general fund balance at June 30 of any school year exceeds the amounts permitted in (a) above, the district board of education shall reserve and designate the excess amount in the subsequent year's budget.

(c) A district board of education that fails to comply with (b) above shall be subject to a deduction in the State aid payable to the district board of education in the subsequent budget year in an amount equal to the audited excess undesignated general fund balance less any Federal impact aid received in the prebudget year.

N.J. Admin. Code § 6A:23A-8.5

Amended by 49 N.J.R. 1038(a), effective 5/1/2017