The Board shall adopt an operating plan and budget and a capital
plan and budget which shall reflect the policies and objectives established
by the Board, cover all Township funds and activities, and specify
a total of expenditures not to exceed estimated revenue from all sources
to be received in the course of normal governmental activity but excluding
any extraordinary income not contracted for at the date of adoption.
Available surpluses from prior years may be included with estimated
revenues.
Such financial planning and budgets shall be in the form and
detail as the Board shall direct and as a minimum be as follows:
a.
An
operating plan of revenue and expenditures for the next two fiscal
years which shall contain, as a minimum, the amounts to be appropriated
for each activity in terms of personal services, contractural services,
material, supplies, equipment and such additional classes as the Board
may prescribe. The first year of the plan shall be in detail and constitute
the operating budget. The second year of the plan shall be advisory
for the purpose of long-range planning and may be stated in general
categories only.
b.
A
capital plan for the next three or more fiscal years and shall contain,
as a minimum, all proposed capital improvements identified by project,
the year of acquisition or construction, proposed funding and the
impact on the operating expenses, debt structure and borrowing limitations
of the Township. The first year of the plan shall be in detail and
constitute the capital budget. The remaining years of the plan, except
where capital expenditures are approved, shall be advisory for the
purpose of long-range planning and may be stated in general categories
only. The capital budget may be financed from appropriations of current
revenues or monies borrowed as authorized by this Charter or general
law. All appropriations for the capital budget shall lapse at the
end of the fiscal year, but sufficient amounts to complete projects
in progress may be appropriated in the budget for the following year.
c.
The
financial plans and budgets required herein shall include an explanation
in terms of programs, projects and services to be provided and the
funding thereof.
The Board, assisted by the Manager and Finance Director, shall
develop and present the initial financial plans and budgets not less
than 90 days prior to the end of the fiscal year, which shall constitute
the work budget. After reviewing the work budget for viability, legality
and compliance with established guidelines and the completion of required
changes, the Board shall adopt the work budget as a preliminary budget
at a public meeting not less than 45 days prior to the end of the
fiscal year. The Manager shall advertise a summary of the work budget
and the date, time and place of the said public meeting at least once
in one or more newspapers of general circulation in the Township not
more than 30 days nor less than 10 days prior to said meeting. A copy
of the work budget shall be available for inspection by Township residents.
After adopting the preliminary budget and, on or before the
last day of the fiscal year, the Board shall, by written resolution,
with or without amendment, adopt the operating plan and budget and
the capital plan and budget. A separate ordinance shall be required
to levy taxes set forth therein for the ensuing fiscal year.
In the years following a municipal election, the new Board may,
within 45 days after the beginning of the fiscal year, adopt a revised
operating plan and budget or capital plan and budget, provided such
revisions are adopted after the advertising and public hearing procedures
set forth in § 703 of this Charter.
The Board may, by resolution, amend the operating and capital
budgets by:
a.
Making
supplemental appropriations only when the Manager and Finance Director
state the reasons for so doing and certify there are available for
such appropriations revenues in excess of those estimated;
b.
Reducing
one or more unencumbered appropriations when the Manager and Finance
Director have reason to believe revenues will be insufficient to meet
the amounts appropriated, which fact shall be reported to the Board
without delay, indicating the estimated amount of the deficit, any
remedial action to be taken and recommendations thereon;
c.
Transferring
part or all of any unencumbered appropriations from one account to
another, in which case the Board shall clearly state the reason for
doing so and the amount of funds affected both before and after the
transfer; and
d.
Making
emergency appropriations and providing for the funding thereof in
accordance with the provisions of § 408 of this Charter
and general law.
