40A:5A-11 - Approval of budget - New Jersey Statutes

40A:5A-11.  Approval of budget
    No authority budget shall be finally adopted until the director shall have approved same.  In granting the approval, the director shall consider whether or not:

    a.  All estimates of revenue are reasonable, accurate and correctly stated;

     b.  Items of appropriation are properly set forth;

     c.  In itemization, form and content, the budget will permit the exercise of  the comptroller function within the authority;

     d.  The schedule of rates, fees and charges then in effect will produce sufficient revenues, together with all other anticipated revenues, to satisfy all obligations to the holders of bonds of the authority, to meet operating expenses, capital outlays, debt service requirements, and to provide for such reserves, all as may be required by law, regulation or terms of contracts and agreements.

    The director may require such documentation, records and other information,  and undertake any audit or investigation, as he may deem necessary in  connection with his review.

    If the director finds that all requirements of law and the rules and regulations of the Local Finance Board have been met, he shall, within 45 days of his receipt of the budget, approve it;  otherwise he shall within that time refuse to approve it.  The director, in refusing to approve the budget, shall not substitute his discretion with respect to the amount of an appropriation when that amount is not made mandatory by law or regulation.

    Any decision of the director in the course of budget review under this section may be appealed to the Local Finance Board in the manner generally provided by law.

     L.1983, c. 313, s. 11.