What is the role of the Borough Chief Financial Officer?
In accordance with N.J.S.A. 40A:9-140.1, all municipalities are required to appoint a Chief Financial Officer (CFO). The statute defines the CFO as “the official appointed to be responsible for the proper financial administration of the municipality under the Local Government Supervision Act (P.L. 1947, c. 151); the Local bond Law (N.J.S.A. 40A:2-1 et seq.); the Local Budget Law (N.J.S.A. 40A:4-1 et seq.); the Local Fiscal Affairs Law (N.J.S.A. 40A:5-1 et seq.); the Local Public Contracts Law (N.J.S.A. 40A:11-1 et seq.) and such other statutes, and such rules and regulations promulgated by the Director of the Division of Local Government Services, the Local Finance Board, or any other State agency, as may pertain to the financial administration of the municipality.” In short, the CFO is responsible for oversight of all financial transactions taking place in a municipality in accordance with the statutory references above.
