New Jersey § 52:27d-118
Full text of New Jersey New Jersey Statutes § 52:27d-118, with citation guidance and answers to common questions.
§ 52:27d-118.
Whenever the director, during the exercise of the director's duty under the provisions of the “Local Budget Law,” N.J.S.40A:4-1 et seq. , to examine each local budget, or upon the basis of any other information and data
available to the director , shall find that an eligible municipality is experiencing fiscal distress and may
require assistance under P.L.1987, c. 75 ( C.52:27D-118.24 et seq. ) , the director shall notify the Local Finance Board of the director's finding. The director's finding of fiscal distress in an eligible municipality may be based
on the municipality's tax rate, cash deficit, insufficient percentage of tax collections,
insufficient collection of other revenues, over-anticipation of the revenues of prior
years, non-liquidation of interfund transfers, reliance on emergency authorizations,
continual rollover of tax anticipation notes, or other factors indicating a constrained
ability to raise sufficient revenues to meet its budgetary requirements. At a time and place determined by the director, the governing body of the eligible municipality, and any other interested parties
the director may deem appropriate, shall meet to review the implementation of the provisions of P.L.1987, c. 75 ( C.52:27D-118.24 et seq. ) . The review shall include, but not be limited to: a. The director's assessment of the difference between the eligible municipality's
revenue needs for the current local budget year and its revenue raising capacity for
the current local budget year; b. The actions the governing body of the eligible municipality intends to take in
the current local budget year to meet the municipality's revenue needs; and c. The actions the governing body intends to take to expand the eligible municipality's
local revenue generating capacity for subsequent local budget years. After the review has taken place, the director shall notify the board of the findings
of the review and shall recommend to the board actions necessary to be taken by the
municipality, which may include the provision of short-term financial aid.
Frequently Asked Questions About New Jersey § 52:27d-118
What does New Jersey Statutes § 52:27d-118 cover?
Section 52:27d-118 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 52:27d-118?
A common citation format is "New Jersey Statutes § 52:27d-118" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 52:27d-118 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.