A715

New Jersey A715 reduces state aid to municipalities and school districts by the amount paid to employees for accumulated absences upon retirement.

New Jersey A715 mandates that state aid to municipalities and school districts be reduced by the amount paid to employees for accumulated absences upon retirement. This reduction applies to various forms of state financial assistance, including Consolidated Municipal Property Tax Relief Aid, Energy Tax Receipts Property Tax Relief Aid, Extraordinary Aid, and Transitional Aid to Localities. The bill requires municipalities to report annually to the Director of the Division of Local Government Services the amount paid to employees for accumulated absences in the previous budget year.