Treasurer of School Moneys Bill Enacted

A bill that makes the position of treasurer of school moneys optional for a school district was signed into law by Gov. Chris Christie on Tuesday. Passage of the legislation achieves a longtime NJSBA goal.

“If the district determines not to have a treasurer of school moneys, the duties would be carried out by the board secretary, since many of the secretary's functions already overlap those of the treasurer,” according to the bill summary of S-1287. A provision is made in the bill for checks to be co-signed by the chief school administrator or a board appointee if the district does not have a treasurer of school moneys, and for the secretary to give bond in such amount and with such surety as the board directs.

Eliminating the requirement was a goal set by the Education Mandate Review Study Commission, which was established in 2003 by then-Gov. James McGreevey to identify cost-saving changes in state educational requirements. NJSBA served on the commission.

“This is an anachronistic position that predates GAAP (Generally Accepted Accounting Principles) accounting and served as a check on the Board Secretary,” the Education Mandate Review Study Commission’s report stated. “There is no longer a need for this position for which, according to information obtained from the New Jersey School Business Officials, districts pay between $2,500 and $12,000 per year. Potential annual statewide savings could be as much as $3.6 million as calculated by multiplying the number of school districts times the average reported salary.”

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