When must notification of Bid Threshold Adjustments be made to local units?

The correct answer is June 1st because this is the designated date by which the Division of Local Government Services is required to notify local units of any adjustments to the bid threshold for state contracts. This notification process is essential for ensuring that local units are aware of any changes that may affect their purchasing policies and procedures for the upcoming fiscal year.

Understanding the significance of this timeline helps local units plan their budgets and procurement strategies effectively, ensuring compliance with state regulations. The adjustments usually reflect changes in economic conditions or other relevant factors, making timely notification crucial for proper financial management within local units.