New Jersey Statutes 32:36-10. Commission annual financial reporting
Terms Used In New Jersey Statutes 32:36-10
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
The Commission shall publish a comprehensive annual financial report, submitted annually to the governors and state legislatures of New York and New Jersey and made available on the Commission’s website within 120 days after the end of its fiscal year. The annual report shall include:
a. an introductory section including: a letter of transmittal to the governors and legislatures of New York and New Jersey; information regarding the board, Commission officers and executive management; a letter to the board from the chief executive officer of the Commission highlighting important developments; a description of major Commission activities undertaken during the prior year; and a letter to the board from the chief financial officer of the Commission with respect to the consolidated financial statements of the Commission.
b. a financial section including: an independent auditor’s report; management’s discussion and analysis; financial statements; its financial reports certified by the co-chairpersons of the board, chief executive officer, and chief financial officer of the Commission, including audited financials in accordance with generally accepted accounting principles, known as GAAP, and the accounting standards issued by the governmental accounting standards board, known as GASB, grant and subsidy programs, current ratings, if any, of its bonds issued by recognized bond rating agencies and notice of changes in such ratings, and long-term liabilities, including leases and employee benefit plans; a schedule of its bonds and notes outstanding at the end of its fiscal year, together with a statement of the amounts redeemed and incurred during such fiscal year as part of a schedule of debt issuance that includes the date of issuance, term, amount, interest rate, and means of repayment including all refinancings, calls, refundings, defeasements, and interest rate exchange or other such agreements; and at a minimum a four-year financial plan, including a current and Projected capital budget, and an operating budget report, including an actual versus estimated budget, with an analysis and measurement of financial and operating performance.
c. a corporate information section providing: a list of all real property of the Commission; a list and full description of real property and personal property that has a sale price of over $10,000 disposed of during the period, including the price received by the Commission and the name of the purchaser for all property sold by the Commission during the period; a compensation schedule that shall include, by position, title and name of the person holding such position or title, the salary, compensation, allowance and/or benefits provided to any officer, director, or employee in a decision making or managerial position of such Commission whose base salary is in excess of $150,000; biographical information, not including confidential personal information, for all directors and officers and employees for whom salary reporting is required; a description of the Commission and its board structure, including names of any committees and committee members, lists of board meetings and attendance, descriptions of major Commission units and subsidiaries, and number of employees; its mission statement, charter, if any, and by-laws; and a description of any material pending litigation in which the Commission is involved as a party during the reporting year.
L.2019, c.195, s.10.