Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for the City of Newark all Interest, Debt Redemption Charges, and Capital Improvements for Year 2024.
Funding Source: City of Newark Budget
Appropriation Amount: $87,745,516.00
Budget Year: 2024
Contract Period: January 1, 2024 through December 31, 2024
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A:4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2024 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution is passed at this Regular Meeting of the Municipal Council on December 20, 2023, to be effective as of January 1, 2024; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2024 Budget is the sum of Eighty-Seven Million Seven Forty-Five Thousand Five Hundred Sixteen Dollars and Zero Cents ($87,745,516.00).
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The following temporary appropriations be made and that a certified copy of this Resolution be transmitted to the Chief Financial Officer for his/her records.
2. The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430- Payment on Qualified Bond Principal $23,676,811.00
95440-Interest on Qualified Bond Principal 11,671,840.00
96670-ECIA Bonds Principal 265,000.00
96680-ECIA Bonds Interest 149,321.00
96830-Demolition Bond Loan II 126,250.00
95650-Interest on Notes 2,856,690.00
94140-Newark Housing Authority Bonds 2,135,000.00
94150-Newark Housing Authority Interest 2,349,550.00
97430-Tax Appeals BAN Principal 3,803,000.00
96860- NJEIT Principal 943,235.00
96870- NJEIT Interest 102,525.00
97380- Business Personal Property
Replacement Aid - School Portion 1,137,118.00
97650-HUD Section 108 Loan - Principal 265,000.00
97660-HUD Section 108 Loan - Interest 432,965.00
97680-Police and Fire Academy - 9,974,525.00
TOTAL MUNICIPAL DEBT SERVICE $59,888,830.00
(2) CAPITAL
95280-Capital Improvements $100,000.00
(3) LOCAL DISTRICT SCHOOL PURPOSE
95570-Payment Qualified Bond Principal 7,540,000.00
95580-Payment Qualified Bonds Interest 2,239,573.00
TOTAL SCHOOL DEBT SERVICE $9,779,573.00
(4) WATER UTILITY
95430-Qualified Bond Principal 495,000.00
95440-Qualified Bonds Interest 268,920.00
96860-NJEIT Principal 3,202,374.00
96880-NJEIT Interest 2,719,290.00
97670-ECIA Bond Principal and Interest 4,715,771.00
TOTAL WATER UTILITY $11,401,355.00
(5) SEWER UTILITY
96520-Principal - Trust Loan 5,763,566.00
96530-Interest - Trust Loan 812,192.00
TOTAL SEWER UTILITY $6,575,758.00
TOTAL DEBT SERVICE $87,745,516.00
3. This action is effective January 1, 2024.
4. A copy of this Resolution shall be immediately filed with the Director of the Division of Local Government Services by the City Clerk.
STATEMENT
This Temporary Appropriation will provide funds from January 1, 2024 through March 31, 2024, until the adoption of the 2024 Municipal Budget.