What action must the governing body take regarding a Corrective Action Plan?

The governing body is responsible for the oversight of public funds and ensuring that any identified deficiencies or concerns are adequately addressed. Therefore, when it comes to a Corrective Action Plan, the requirement is to formally approve the plan and then file it with the Director of the Division of Local Government Services. This action is crucial as it demonstrates compliance with state regulations and assures oversight bodies that necessary steps are being taken to rectify any issues that may impact the municipality’s financial health or operational effectiveness.

This process not only helps to maintain transparency and accountability within local government but also ensures that the necessary resources and strategies are in place to correct any identified problems. Filing with the Director is significant because it allows state authorities to monitor the situation and provide any needed support or guidance to the governing body, thus promoting effective governance and financial management within municipal operations.