Minimum Bid Thresholds Adjusted by State Treasurer - 07/02/2015
Pursuant to N.J.S.A. 40A:11-3, the State Treasurer has increased the minimum bid threshold from $36,000 to $40,000 for entities subject to the Local Public Contracts Law whose purchasing agents possess a Qualified Purchasing Agent (QPA) certificate awarded by the Division of Local Government Services. As such, the new quote threshold for local units with QPAs is $6,000 (15% of the $40,000 QPA bid threshold). Local units that do not have a QPA-certified purchasing agent remain subject to the $17,500 minimum bid threshold set forth in N.J.S.A. 40A:11-3 and 40A:11-9a, with the corresponding quote threshold remaining $2,625 (15% of the $17,500 non-QPA bid threshold). Pursuant to N.J.S.A. 18A:18A-3, the State Treasurer has also increased the minimum bid thresholds for school districts with QPA-certified purchasing agents from $36,000 to $40,000. Like local units with QPAs, the new quote threshold for school districts with QPAs is $6,000. The minimum bid threshold for those school districts without QPA-certified purchasing agents has also been increased from $26,000 to $29,000, with the corresponding quote threshold increased to $4,350 (15% of the $29,000 non-QPA school district bid threshold). The bid threshold adjustments are effective as of July 1, 2015. The Division will be issuing a Local Finance Notice further discussing the matter.
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2015 Authority Budget Submission - 09/17/2014
The Division of Local Government Services has changed its budget forms for authority budgets and new forms require significantly greater disclosure of spending and budget information in an effort to increase transparency and accountability. Local authority budget documents for fiscal years beginning after December 31, 2014 are now available on the Division of Local Government Services website. Failure to use these forms that enhance transparency will result in no approval for adoption. Local Finance Notice 2014-14 describes the budget process authorities must follow. Each local authority is required to submit its budget on the forms provided by the Division. If you need assistance completing the forms, the Bureau of Authority Regulation is available to assist you and may be reached at (609) 984-0132 or by e-mail at email@example.com with the subject heading "Authority Budget" or "Housing Authority Budget".
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Annual Audit Requirements: Authorities and Fire Districts - 09/17/2014
Pursuant to N.J.A.C. 5:31-7.6, each authority and special district (including fire districts) must conduct an annual audit for their respective fiscal year in accordance with the following standards:
1) Generally accepted auditing standards as promulgated by the American Institute of Certified Public Accountants; 2) Government Auditing Standards issued by the Comptroller General of the United States and the United States Government Accountability Office (often referred to as "Yellow Book," "Generally Accepted Government Auditing Standards," or "GAGAS"); and 3) Audit standards having been adopted as rules by the Local Finance Board and the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Local Finance Notice 2014-13 describes the standards applicable to audits of all entities subject to the Local Authorities Fiscal Control Law (N.J.S.A. 40A:5A-1 et seq.) Audit submissions will not be accepted by the Division if a local authority or fire district submits an audit not complying with the provisions of N.J.A.C. 5:31-7.6. This will result in a delay in the Division's approval of future budgets submitted by the local authority or fire district until an audit is submitted complying with N.J.A.C. 5:31-7.6. In addition, any applications submitted to the Local Finance Board may not be heard until a compliant audit is submitted to the Division. Any questions regarding these audit requirements should be directed to the Division's Authority Regulation Section by calling 609-984-0132, or by emailing firstname.lastname@example.org with the subject heading "Authority Audit Questions" or "Fire District Audit Questions".
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