Establishes certain valuation and reporting mechanisms related to school district liabilities for certain accumulated unused leave.
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Progress
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- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes requirements for how New Jersey school districts track and report liabilities related to accumulated unused leave, such as sick and vacation time. It mandates that districts calculate and report the total value of these liabilities in their annual audits and maintain a schedule detailing the amounts. The bill also allows school boards to create a reserve account specifically for funding these payments, with guidelines for its operation and reporting requirements. Finally, it requires collective bargaining agreements to address the district’s obligations related to these liabilities and analyze their fiscal impact.
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