This bill requires counties and municipalities in New Jersey to prepare their budgets in accordance with generally accepted accounting principles (GAAP), aligning them with the standards already in place for school districts and state financial statements. It mandates the use of certified public accountants for auditing local authorities and municipalities, replacing the previous requirement for registered municipal accountants. The bill also stipulates that audits must be completed and filed with the Director of the Division of Local Government Services within four months after the fiscal year ends, and it introduces penalties for local governing body members and clerks who fail to comply with these audit requirements.

In addition to these changes, the bill includes provisions for the Division of Local Government Services to offer technical assistance to local units for compliance and to seek funding for grants to help cover implementation costs. It also requires the publication of audit summaries on local government websites and updates various statutory references to reflect the transition from registered municipal accountants to certified public accountants. The legislation is set to take effect for local budget years starting on or after January 1, 2030, although earlier implementation may occur at the discretion of the Division of Local Government Services.

Statutes affected:
Introduced: 40:11A6.1, 40:14A-7.1, 40:14B-66, 40:33-13.13, 40:37-95.12, 40:37A-88, 40:37B-44, 40:37C-18, 40:66A-7.1, 40:68-49, 40:68A-7.1, 40:68A-66, 40A:5A-15, 40A:9-28.2, 40A:9-140.4, 40A:10-46