Requires local budgets to be prepared using generally accepted accounting principles.

This bill requires local governments in New Jersey to prepare their budgets using generally accepted accounting principles to improve financial transparency. It mandates that the Local Finance Board establish a uniform double-entry bookkeeping system for all local units and requires specific authorities, such as parking and sewerage boards, to hire certified public accountants for annual audits. Additionally, the bill sets strict deadlines for completing and filing these financial reports with both the local governing body and the state Division of Local Government Services. These changes directly affect counties, municipalities, and various municipal authorities by standardizing how they track and report their finances.