TOWNSHIP OF JACKSON NOTES TO FINANCIAL STATEMENTS (continued): FOR THE YEAR ENDED DECEMBER 31, 2012
Note 1. Summary of Significant Accounting Policies (continued):
C. Basis of Accounting, Measurement Focus and Basis of Presentation (continued):
Budgets
The Township is required by state law to adopt an annual budget for the Current Fund. Each budget is presented in accordance with accounting principles prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
The following steps are taken in establishing the budgetary data reflected in the financial statements:
Prior to February 10th of the budget year the Township introduces a budget, which includes proposed expenditures and financing methods.
A public hearing is held 28 days after introduction, after a public hearing the budget may be adopted by the governing body.
Once a budget is approved it may be amended after November 1, by a resolution adopted by the governing body.
Note 2. Bonds and Notes Authorized But Not Issued
At December 31, 2012 the Township has authorized but not issued bonds and notes as follows:
General Capital Fund - Bonds and Notes $ - 0 -
Note 3. Current Fund Balance Appropriated
Fund Balance at December 31, 2012 which was appropriated and included as anticipated revenue in their respective funds for the year ending December 31, 2012 were as follows:
Balance December 31, 2012Utilized 2013 Budget
Current Fund$ 2,549,911$ 1,900,000
Note 4. Deferred Charges to be Raised in Succeeding Budgets
Certain expenditures are required to be deferred to budgets of succeeding years. At December 31, 2012, the following deferred charges are shown on the balance sheets of the various funds:
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