For your information, Local Finance Notice 2011-4 dated January 21, 2011 was emailed to municipal CFOs today. A Section of this notice explains Library Surplus Transfers.

Best wishes, Victoria

Victoria Rosch Associate State Librarian New Jersey State Library vrosch@PROTECTED
609.278.2640 ext.157

Library Surplus Transfers: Chapter 83 of P.L. 2010 established conditions requiring transfer of certain public library fund balance amounts to a municipality and that the transferred funds be used exclusively as property tax relief. This means the funds transferred must be anticipated as a revenue without an offsetting appropriation and no levy cap adjustment. The previous law required that transfers were voluntary. Approval of the calculation and conditions concerning transfer of funds is subject to the approval of the State Library. State library staff are aware of the requirements and time frames and are prepared to work with local library and fiscal officials to meet budget deadlines.

The laws concerning the requirement (Word document) and an information packet (zip file) on the conditions, calculation of the transfer amount, and other details can be downloaded from the preceding links. Alternatively, the same information, known as \x93identification of excess funds\x94 is also on the State Library website under the heading \x93Part 8: New Statutes and Regulations Since 2007.\x94 Questions on this process can be directed to Michelle Stricker at the State Library at mstricker@PROTECTED.

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