40A:4-59 - Appropriation transfers during first 3 months of succeeding year - New Jersey Statutes

40A:4-59.  Appropriation transfers during first 3 months of succeeding year    a.  If, during the first 3 months of any fiscal year, the amount of any appropriation reserve for the immediately preceding fiscal year is insufficient  to pay the claims authorized or incurred during said preceding year which were  chargeable to said appropriation, and there shall be an excess in any  appropriation reserves over and above the amount deemed to be necessary to  fulfill its purpose, the governing body may, by resolution adopted by not less  than a   2/3   vote of the full membership thereof, transfer the amount of such  excess to an appropriation reserve or an appropriation in the prior budget  deemed to be insufficient to fulfill its purpose or for which no reserve was  provided.  No transfers may be made to appropriation reserve for contingent  expenses or deferred charges.

    b.  No transfers may be made under this section from appropriation reserves  for

     1.  contingent expenses,

      2.  down payments,

      3.  capital improvement fund.

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