40A:4-35 - Utility operations; surplus; deficit - New Jersey Statutes

40A:4-35.  Utility operations;  surplus;  deficit
    If, in any year as a result of the operation of such utility or enterprise under the system of accounting thus directed, there shall be a surplus, or such  surplus can be reasonably anticipated, then such surplus, when authorized by  the board or body controlling the utility or enterprise, may be included in the  budget as an item of miscellaneous revenue, under the caption of  "Surplus from           (designation of the utility fund)" .

    If, in any year as a result of such operation, there shall be a deficit or an anticipated deficit, then an appropriation for such deficit shall be included in the budget under the caption of  "Deficit in (designation  of the utility fund)" .  If any anticipated deficit shall exceed the  appropriation therefor, the excess shall be provided for in the budget of the  following year.  This section shall not, however, supersede the specific  dedication of receipts from a utility or enterprise as provided in any law  which authorized the establishment or creation of such utility or enterprise  unless so directed by the board or body controlling the same.

     L.1960, c. 169, s. 1, eff. Jan. 1, 1962.