C1 Are districts subject to the lower 2% maximum surplus at budget time or only at year end?
Since the passage of CEIFA, districts that are subject to CEIFA s maximum surplus (N.J.S.A. 18A:7F-7) are subject to this determination twice. The first time is during budget development (N.J.S.A. 18A:7F-7(a)) for which the calculation is determined using supporting documentation item 9, and the second time is at year end (N.J.S.A. 18A:7F-7(c)) during the annual audit. Therefore, yes, all regular non-vocational school districts will be subject to the lower 2% maximum surplus pursuant to S-1701 beginning with the 2005-06 budget development process.
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- C1 Are districts subject to the lower 2% maximum surplus at budget time or only at year end?
