New Jersey § 30:4-100

§ 30:4-100.

The Legislature shall annually appropriate to the department a sum for a cash operating

fund, which may be allotted by the State Board to the Bureau of State Use Industries,

which the State Treasurer shall, upon the warrant of the Director of the Division

of Budget and Accounting, as directed by rule or order of the State Board, advance

to said bureau. Settlements between institutions, departments, boards and other State agencies shall

not be made in cash, but by debits and credits on the State Treasurer's books, any

accumulation of such credits being allotted at least quarterly to the State Board,

for the subsequent use of the bureau. The bureau shall, on or before the tenth day of each month, file with the Director

of the Division of Budget and Accounting a statement showing all deliveries made by

the bureau during the month immediately preceding. Delivery shall be considered to have been made only when the bureau shall have received

and submitted, with its monthly report, the acknowledgment of receipt from the receiving

institution, board, commission or other State agency, or in event of sales in the

open market, acknowledgment of receipt by the purchaser. A separate report to be submitted with the report of deliveries shall show all products

sold, acknowledgment of delivery of which has not been received. All receipts from sales shall be credited to the cash operating fund for the then

current fiscal year and thereafter, from year to year, as replacement thereof, without

further appropriation and shall not lapse into the unappropriated funds of the State

Treasury except as hereinafter provided. There shall be an annual examination of the accounts of the State Use Bureau in

the Department of Institutions and Agencies, and the Governor, with the advice of

the Director of the Division of Budget and Accounting in the Department of the Treasury,

shall recommend to the Legislature the sum of money which may be transferred from

the profits and surplus of the State Use Bureau to the unappropriated funds of the

general treasury of the State and the Legislature in each annual appropriation act

may provide for such transfer; provided, however, that no such transfer shall in

any wise operate to interfere with the efficient conduct and management of the industries

of the State Use Bureau and in no event shall such transfer reduce the net cash operating

fund of the said State Use Bureau, as reflected by its accounts, below the sum of

$250,000.00. The inventory shall be subject to approval or recommendation as to the amount thereof

by the State House Commission and shall be valued at cost, which shall be taken as

of July 1 of each fiscal year. The bureau shall file annually with the State Treasurer and State House Commission

a statement of assets and liabilities at the end of each fiscal year, which shall

include (1) an inventory summary by product category of materials, supplies, finished

products and work in progress valued at cost or market value, whichever is lower,

and (2) a summary of machinery and equipment, less accumulated depreciation or obsolescence

thereon.