Energy Receipts Tax

Formerly Grass REceipts and Franchise Tax

Has its roots in franchise tax and right of ways fees charged to public utilities in lieu of property taxation

Liabilities + Fund Balance =

Decrease Debits

Increase Credits

An increase in assets or a decrease in liablilites and net worth.

Recorded on the left side of the T Account

Decrease Debits

Increase Credits

GAAP (Generally Accepted Accounting Principles)

Account Receivable

Increase Debits

Decrease Credits

Decrease Debits

Increase Credits

Increase Debits

Decrease Credits

Institued in 2008 as a result of legislatures special session on property taxes in 2006

Set for 5 years (2008 - 2013) unless re-enacted

- Municipalites 4% limit on Tax Levy

- Counties - Limits county tax levy to lower of previous cap and the new limits

Renewable for periods no more than 1 year.

Mature and be paid by the 5th anniversary date of original note

The supervision of the financial affairs of municipalities which fall under the fiscal supervision act

LFB issues the Local Finance Notices

Current year portion of the capital improvemnt program (CIP)

Does NOT directly approriate capital funds

Adoption by vote of majorety of full membership (Same as annual budget)

Based on population

Under 10,000 - 3 years

Over 10,000 - 6 years

NJSA 40A:11

Applies to any County, Municipality Board Commission Library...

Bid Thresholds - With QPA $29,000 with out QPA $21,000

Quotes - 15% Bid Threshold

Aggregate rule during 12 consecutive months - deals with item and commodity

Capital Program

Multi-year plan and schedule for capital projects

project/equipment life over 5 years and over $25,000

Max useful life 40 years for certain buildings

5% down payment can come from:

Current year Appropriation

Emergency Appropriation

Capital Improvement

Capital Surplus

-CAn only be adopted when the Capital Budget or Temp is adopted and properly amended

- May not be adopted if debt exceeds 3 1/2% - municiple

- May not be adopted if debt exceeds 2% - County

- Must file supplemental debt statement with same date

Total amount of all Capital Notes outstanding at any time may not exceed $200,000 or 1/2 of 1% of the equalized valuation fasis, whichever is less

Mature 5 years from issuance

1/5th due annually

- the members of the board are elected

- School tax levy is submitted to the voters for approval

-School debt is an obligation of the school district alone

- members of the board are appointed by the Mayor

- School tax levy is submitted for approval to the school estimate, the mayor, 2 members of the school board, 2 members of governing body

- School debt is part of the municipality to the extent that the governing body must directly appropriate capital funds

- School debt is raised as school tax levy

1 Year Bonds renewable up to 10 years

All notes shall mature and be paid no later than the 10th anniversary date of the original notes

Do not have to pay principle until 3rd anniversary date

Administered by the DLGS

Designed to minimize property tax increases in those municipalities that demonstrate a clear need for additional sate aid

Issued by the DLGS

Contains Calendar infor on approparation and revenues

To insure that a municipality will have enough to pay county, school, and special district taxes

Difference between collected and owed it lets you know what % to raise taxes

Administered by the DLGS

Enable urban municipalities to hire additional uniformed police and fire to keep streets clean

eligible for Urban Aid automaticly qualify for safe and clean aid required to match $ for $

Must be Certiied (CTA)

Term is 4 years from teh 1st day of July following appointment

Govenor can appoint an assessor where one is not in office by October 1st

Membership on the board of ed is appointed among several districts

Operations are the same as type 2 district

Appointed position carrying a 1 year term

Provides legal councel and defends the municipality

Cash

Income (Revenues) = Expenditures (Appropriations)

Titles, Chapters and SEctions

Example R.S. 19:12-6  (Revised Statute Title 19 Chaper 12 Section 6)

1. Capitol/Bond Ordiances

2. Budgets

1. Total amount is less than $1,000,000

2. There are no bidders

3. They are refunding bonds

4. They are sold to a political subdivision of the state or to an agency of the federal government

1. Property Tax

2. Miscellaneouse Revenues

3. Public Utility Tax

4. Surplus Appropriated

1. Property Tax

2. State Aid

1. Bureau of financial regulations and assistance

2. Bureau of local management

3. Bureau of authority regulations

1. Property Tax

2. Miscellaneouse Revenues

3. Sate Aid

1. Formal sealed proposals

2. Electronic