News & Press: Key Alert

4/3/2020 - Update

Monday, April 6, 2020  

As you know, we are dealing with unprecedented events and we sincerely hope that you and your families are well.   Please see below for important updates:

  1. A3902- The Lee Group has communicated its recommendations regarding A3902 to the Senate office.  NJASBO initiated and contributed substantially to those recommendations which would require municipalities to issue notes (TANs) to ensure school districts are made whole on their tax levy payments so there are no cash flow concerns.  School districts would not be required to issue debt.  LEE has also recommended that the bill contain specific language that sunsets the bill’s provisions to modify tax payments as a result of this crisis.   No Senate voting sessions are currently scheduled, but the bill may be considered later this month where this could be introduced.
  2. Federal Cares Act- ASBO International has created a 17 page summary of this Act.  Several sections may be of interest to you from the perspective of federal resources that may be available to some of your independent contractor or vendors.  The State EDA also opened its grant program today to be followed by a small business loan program.  Click Here to access The point being that federal and state programs are being enacted and slowly rolled out to assist businesses.  (This information may also be helpful to some members’ family and friends on a personal level.)  Later sections of the summary discuss federal unemployment benefits especially Section 2103.  The Educational provisions begin on page 17.  As always it is recommended to discuss any actions with your board attorney and auditor.
  3. GASB 84- As a result of the closure of many state and local government offices due to the COVID-19 pandemic, many government officials do not have access to the information necessary for implementing new GASB pronouncements.  The GASB has received numerous requests from state and local government officials and public accounting firms regarding postponing the upcoming effective dates of pronouncements.  Most notably, those pronouncements include Statement No. 84, Fiduciary Activities, and Statement No. 87, Leases, as well as their related Implementation Guides.  The Board plans to consider an Exposure Draft for issuance during its April 14 teleconference and finalize the guidance during its May 26 teleconference.  Keep an eye on the GASB website for further developments.Specific questions can be addressed to Jacque Grama at NJDOE at Jacqueline.Grama@doe.nj.gov
  4. State Budget Extension of Fiscal Year- We have reached out to obtain further information on this change and will share it when received.  Current press releases state “All moneys for the support of the state government and for all other state purposes as far as can be ascertained or reasonably foreseen, shall be provided for in one general appropriation law covering one and the same fiscal year; except that when a change in the fiscal year is made, necessary provision may be made to effect the transition,” the constitution says.
  5. Department of Agriculture Division of Food and Nutrition- The division urges any districts that may have questions or problems related to the implementation or administration of their food service operations during this pandemic to call 609-984-0692 and leave a message.Messages are picked up every half hour and returned.
  6. Lead Testing Regulations- Comments on the proposed regulations have been reviewed by the Legislative committee and will be summarized and submitted by the deadline of April 18th.   Primarily the regulations would change the frequency of the testing period from every 6 years to 3 with a provision for reimbursement.

Have a restful weekend!


NJASBO
4 AAA Drive Suite 101,
Robbinsville New Jersey 08691
P: (609) 689-3870 F: (609) 689-3167