Requires local budgets to be prepared using generally accepted accounting principles.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires local governments in New Jersey to prepare their budgets using Generally Accepted Accounting Principles (GAAP). It mandates the use of a uniform double-entry bookkeeping system and requires annual audits of financial records by certified public accountants or registered municipal accountants. The bill also updates existing statutes related to financial reporting requirements for various local authorities, such as first aid squads, sewerage authorities, and port authorities, ensuring greater transparency and accountability in local government finances.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
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