6.01 BUDGET PREPARATION:

A. In November of each year, the Fund shall prepare the budget for the upcoming fiscal year. The budget shall identify the proposed items and amounts of expenditure for its operations in the aggregate and allocated by member, the anticipated amounts and sources of assessments and other income to be received during the fiscal year, and the status of the self-insurance or loss retention trust accounts maintained by the joint insurance fund. The budget shall be prepared on a basis that does not recognize investment income or discounting of claim reserves, but recognizes all anticipated or forecasted losses and administrative expenses associated with that fiscal year.

B. A copy of the Fund’s proposed budget or any amendments thereto shall be made available to each member of the joint insurance fund at least two weeks prior to the time scheduled for it s adoption. No budget or amendments shall be adopted until a public hearing has been held in accordance with N.J.S.A. 40A:4-1 et seq. giving all members of the joint insurance fund the opportunity to present comments or objections.

6.02 BUDGET ADOPTION:

A. By the December 31st of each year, the Fund commissioners, or the executive committee, if such is established, shall adopt the budget for the coming fiscal year by majority vote.

B. A copy of the Fund's proposed budget (as changed to reflect the actuary report) shall be sent to each member at least fifteen (15) days prior to the time scheduled for its adoption. No budget or amendment shall be adopted until a hearing has been held giving all members the opportunity to present comments or objections.

C. An adopted budget may be amended by a majority vote after giving the members fifteen (15) days advance written notice and conducting a hearing on the proposed amendment.

D. A copy of any amendment to a Fund budget shall be filed with the Commissioner and the Commissioner of the Department of Community Affairs within thirty (30) days of the adoption of any budget amendment which either singly or cumulatively with other adopted budget amendments changes the total budget five percent from the original budget or the latest filed amended budget.