Board: tax incentive aid funds on hold pending state’s final approval letter
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Summary
Hazlet Township Public School District reported the district has received a pre-approval letter for tax incentive aid but was instructed not to spend funds until the state issues a final approval tied to the Appropriations Act.
During the secretary's report, the board was told the district is awaiting a final state approval letter for tax incentive aid and has been instructed not to spend the funds until that final approval is received.
"We're still waiting on a final approval letter from the state. They've instructed us not to spend those funds until we actually get the final approval letter. We did get a pre-approval letter," the board secretary said, explaining that the district received a pre-approval because it held an earlier board meeting in April. The secretary added the district is awaiting the Appropriations Act’s approval so the state can issue a final authorization.
No action to reallocate or spend the tax incentive aid was taken at the meeting; the board noted the instruction from state officials and is waiting for the formal letter before modifying budgeting or expenditures.