Best Practices Worksheet CY 2014/SFY2015

Jackson Township (Ocean)

1511 Please see Color Key at bottom of sheet for limits on answers

Answer Question Comments

30 N/A Certain municipalities have indirectly pledged prompt payment (i.e. issued a guarantee) of debt service with respect to debt issued by counties, independent authorities or developers. Bond Rating Agencies (e.g. Moody’s, Fitch, Standard & Poor’s) have downgraded certain municipalities’ bond ratings to below investment grade for lack of preparation in the event a lender calls in a debt guarantee. If your municipality guarantees any debt, are direct service revenues that may be pledged against debt repayment monitored by the municipal CFO; and to the extent that cash flow from pledged revenue will not satisfy the debt repayment, are sufficient funds held in reserve to satisfy the guarantee or is an existing authorization in place to issue debt (e.g. a bond ordinance) in the event a lender calls in the guarantee?

31 Yes Do elected officials receive a written status report at least quarterly on all budget revenues and appropriations as they correspond to the annual adopted budget?

32 Yes In developing your multi-year capital plan, is your municipality dedicating sufficient revenues to fund maintenance, repair and eventual replacement of infrastructure such as roads, storm sewers, sanitary sewers and water systems?

33 Prospective N.J.S.A. 40A:4-5 requires that calendar year municipalities approve their introduced budgets no later than February 10, unless the Director sets forth a later date pursuant to N.J.S.A. 40A:4-5.1. Did your municipality approve its introduced current year budget no later than the date provided by law or as extended by the Director?

34 Prospective N.J.S.A. 40A:4-10 requires that calendar year municipalities adopt their budgets no later than March 20, unless the Director sets forth a later date pursuant to N.J.S.A. 40A:4-5.1. Did your municipality adopt its current year budget no later than the date provided by law or as extended by the Director? This question may only be answered “N/A” if your municipality delayed its budget adoption because it awaited a Division determination concerning a grant award or Transitional Aid award.