40:48-17.8 - Transfer of funds to school district - New Jersey Statutes

40:48-17.8.  Transfer of funds to school district
    When any municipality having a tax levy for municipal purposes of $0.10 or less per $100.00 of equalized valuation and in which the board of education sends pupils to another district pursuant to N.J.S. 18A:38-8 has on hand surplus revenues unappropriated or anticipated receipts unappropriated for municipal purposes, the governing body may:  a.  pursuant to ordinance, authorize the donation to the board of education of the receiving district of any items which can be used for school purposes; or b. by resolution, authorize the transfer and cause to be transferred any part of the revenues or the receipts to that board of education; provided that any items donated must be used by the receiving district for school purposes and that any funds transferred must be included in the receiving district's current expense budget.  No transfer of revenues or receipts by a governing body shall be made unless the proposed transfer or appropriation is included in the local municipal budget for the year in which it is intended to make the transfer available from a prior year's appropriation reserve and has been regularly approved and adopted as part of the budget.

   Any amounts transferred pursuant to this act shall be considered miscellaneous revenue and shall be deducted for the purposes of calculating tuition rates between sending and receiving school districts pursuant to N.J.A.C. 6:20-3.1.

   L. 1985, c. 54, s. 1, eff. Feb. 21, 1985.