[HISTORY: Adopted by the Township Committee of the Township of Boonton 3-23-1992 as Ord. No. 462. Amendments noted where applicable.]
It is in the best interest of the Township of Boonton to earn additional revenue through the investment and prudent management of its cash receipts. Public Law 1983, Chapter 8, approved January 18, 1983, amended N.J.S.A. 40A:5-2 and N.J.S.A. 40A:5-14 to require that each local unit adopt a cash management plan.
The following shall constitute the cash management plan for the Township of Boonton which shall deposit and manage its funds pursuant to this plan.
As used in this chapter, the following terms shall have the meanings indicated:
- CASH MANAGEMENT PLAN
- The plan established by ordinance adopted by the Township Committee of the Township of Boonton.
- CHIEF FINANCIAL OFFICER
- The Chief Financial Officer for the Township of Boonton.
- FISCAL YEAR
- The 12-month period ending December 31.
At least once each fiscal year at its organization meeting, the Committee shall, by resolution, designate the depositories for the Township of Boonton in accordance with N.J.S.A. 40A:5-14.
The Cash Management Plan shall be subject to the annual audit conducted pursuant to N.J.S.A. 40A:5-4.
The Committee, at its organization meeting, shall pass a resolution designating the Township official(s) who shall make and be responsible for municipal deposits and investments.
The Chief Financial Officer shall invest, at his discretion, in any investment instruments as approved by the State of New Jersey, Department of Community Affairs, Division of Local Government Services, and in accordance with N.J.S.A. 40A:5-15.1.
The Chief Financial Officer shall ensure that the Township's accounting system provides regular information concerning the Township's cash position and investment performance.
All moneys shall be turned over to the Chief Financial Officer or his staff members and deposited in accordance with N.J.S.A. 40A:5-15.
The Chief Financial Officer is authorized and directed to invest surplus funds of the Township as the availability of the funds permit. In addition, it shall be the responsibility of the Chief Financial Officer to minimize the possibility of idle cash by depositing the Township's moneys in interest-bearing accounts wherever practical and in the best interests of the Township of Boonton.