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

13 Yes With respect to note sales (TANs, BANs, Emergency Notes and Special Emergency Notes), proper disclosure and communication with potential bidders can yield optimal results for a municipality. Knowing when to sell on a negotiated or competitive basis, aggregating note sales as much as possible, along with casting a "wide net" to attract the maximum number of bidders for a competitive note sale, is critical to achieving the lowest possible interest rate. Is your municipality 1) marketing note sales beyond publishing the notice required by N.J.S.A. 40A:2-30, and beyond displaying a notice on your municipal website; and 2) issuing a prospectus, official statement or other document to potential lenders disclosing all material financial and budget information?

14 No Does your municipality have a Finance Committee (or equivalent) made up of one or more members of the governing body and other appropriate personnel, as may be needed, that meets at least monthly and discusses all significant financial issues? If you answer "Yes", phrase state in the Comment section the approximate date of your municipality's most recent Finance Committee meeting.

15 Yes Audit findings address areas needing improvement. Ignoring these findings devalues the process; therefore, municipalities should correct noted deficiencies. Have all audit findings from the 2012 audit been 1) identified in the corrective action plan and 2) addressed such that they are not repeated in the 2013 audit? If the answer is no, please list the repeat findings in the comments section. In the event your municipality wishes to appeal the result of this question, the Director shall determine based on the comment(s) whether the finding(s) is/are sufficiently material to warrant a "no" answer.