NJ S3249

School districts in New Jersey would be authorized to establish a charter school payment reserve account to cover potential increases in charter school payments when actual enrollment exceeds projected enrollment as of October 15

Districts that received authorization to budget less than the Department of Education's projected charter school payments could use reserve funds to cover the difference between budgeted and actual payment amounts

Reserve accounts may be funded through the district's annual budget or through year-end transfers of unanticipated revenue and unexpended line-item appropriations

Interest earned on investments in the charter school payment reserve account may be transferred to the district's general fund by board resolution, either annually or more frequently

Amends P.L.2007, c.62 (C.18A:7F-41) to add this new reserve account option alongside existing capital, maintenance, emergency, debt service, and federal impact aid reserves