New Jersey Assembly Bill A4033

New Jersey 2022-2023 Regular Session

• Introduced: 5/16/22
• Refer: 5/16/22
• Report Pass: 6/22/23
• Engrossed: 6/30/23
• Enrolled: 12/11/23
• Vetoed: 1/8/24
• Engrossed: 1/8/24
• Enrolled: 1/8/24

Caption

Extends deadline for completion of school district's annual audit.

Impact

The implications of A4033 on state law are significant, as it alters the scheduling requirements for financial accountability in New Jersey's school districts. By extending these deadlines, the bill aims to provide schools with additional time to complete thorough audits, potentially leading to increased accuracy and compliance. The expectation is that this will allow districts to more effectively manage their financial transactions, contributing to enhanced fiscal oversight within the education system.

Summary

Assembly Bill A4033 proposes to amend existing New Jersey laws regarding the timing of annual audits for school districts. Under current law, school districts are required to complete their annual audits within five months after the end of the fiscal year. This bill seeks to permanently extend that deadline until January 31 of the following year, with the requirement to submit an Audit Summary to the Commissioner of Education by January 15. Additionally, it modifies the submission timeline for the auditor's report to the commissioner, changing it to February 5 of the following year.

Contention

Debate surrounding A4033 may arise from different perspectives on the need for such extensions. Supporters likely argue that the extra time is necessary for comprehensive auditing processes, which could ultimately benefit schools and stakeholders by ensuring better financial management. Conversely, critics may express concerns that extended deadlines could lead to delays in accountability, affecting transparency and oversight in school district financing. This uncertainty presents a potential dichotomy in legislative opinions on balancing thoroughness in financial reporting against the necessity of timely disclosures.