NJ S4774

Authorizes school district boards of education to establish a charter school payment reserve account to cover potential increases in charter school payments when actual October 15 enrollment exceeds initial projections

Permits districts that received authorization to budget less than the department's projected charter school payment to use reserve funds for any payment shortfall

Allows districts to fund the reserve through annual budget appropriations or year-end transfers of unanticipated revenue and unexpended line-item appropriations

Permits school districts to transfer interest earned on investments in the charter school payment reserve account to the general fund through board resolution

Requires the reserve account to be maintained in accordance with Generally Accepted Accounting Principles (GAAP) and subject to annual audit