[First Reprint]

ASSEMBLY, No. 1382

STATE OF NEW JERSEY

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblymen STEELE and PASCRELL

An Act concerning certain notification by school districts of undesignated general fund balances and supplementing chapter 7F of Title 18A of the New Jersey Statutes.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Notwithstanding the provisions of any other law, rule or regulation to the contrary, a school district shall report the amount of its ¹undesignated¹ general fund ¹[free]¹ balance to the municipality or, in the case of a regional district, to each constituent municipality, ¹[on October 1, January 1, April 1, and July 1] by forwarding to the municipality the monthly report made by the board secretary to the board of education within three days of its filing with the board in October, January, April, and July¹ of each year.

    ¹A school district shall only forward the board secretary's report to the municipality upon written notification from the governing body of the municipality that the municipality wishes to receive the report. The written notification from the municipality shall only be required for initial receipt of the report and not on a quarterly basis.¹

    2. This act shall take effect immediately.

Requires school district to report its surplus to the municipality quarterly.