[HISTORY: Adopted by the Township Committee of the Township of Boonton 3-23-1992
as Ord. No. 462. Amendments noted where applicable.]
A.
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.
B.
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:
The plan established by ordinance adopted by the Township Committee
of the Township of Boonton.
The Chief Financial Officer for the Township of Boonton.
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.
A.
The Chief Financial Officer shall ensure that the Township's
accounting system provides regular information concerning the Township's
cash position and investment performance.
B.
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.
C.
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.