New Jersey A5299 requires local budgets to be prepared using generally accepted accounting principles (GAAP).

New Jersey A5299 mandates that local budgets in the state be prepared using generally accepted accounting principles (GAAP). This bill aligns local budgeting practices with those already required for school districts, local authorities, special districts, and the state itself. It also requires the Division of Local Government Services to provide technical assistance and advice to local units to ensure compliance with GAAP. The bill includes provisions for annual audits by certified public accountants and mandates the publication of audit findings.

New Jersey A5299 requires local budgets to be prepared using generally accepted accounting principles (GAAP).

New Jersey A5299 mandates that local budgets in the state be prepared using generally accepted accounting principles (GAAP). This bill aligns local budgeting practices with those already required for school districts, local authorities, special districts, and the state itself. It also requires the Division of Local Government Services to provide technical assistance and advice to local units to ensure compliance with GAAP. The bill includes provisions for annual audits by certified public accountants and mandates the publication of audit findings.