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 2025.
Funding Source: City of Newark Budget
Appropriation Amount: $101,919,539.00
Budget Year: 2025
Contract Period: January 1, 2025 through December 31, 2025
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:
Funds accepted by Resolution # N/A
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 2025 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution shall be effective as of January 1, 2025; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2025 Budget is the sum of One Hundred-One Million Nine Hundred-Nineteen Thousand Five Hundred Thirty-Nine Dollars and Zero Cents ($101,919,539.00).
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 $26,402,832.00
95440-Interest on Qualified Bond Principal 11,692,817.00
95102-Interest on Loan PayRX 1,133,000.00
96670-ECIA Bonds Principal 281,115.00
96680-ECIA Bonds Interest 96,863.00
96830-Demolition Bond Loan II 126,280.00
95650-Interest on Notes 2,105,295.00
94140-Newark Housing Authority Bonds 2,240,000.00
94150-Newark Housing Authority Interest 2,242,800.00
97430-Tax Appeals BAN Principal 4,655,000.00
96860- NJEIT Principal 953,235.00
96870- NJEIT Interest 92,725.00
97380- Business Personal Property
Replacement Aid - School Portion 1,140,802.00
97650-HUD Section 108 Loan - Principal 274,000.00
97660-HUD Section 108 Loan - Interest 277,132.00
97680-Police and Fire Training Academy 10,817,216.00
97690-Traffic Facility Newark 3,233,274.00
97700-Crime and Ballistics Newark 3,256,935.00
97701-Evidence and Storage Newark 3,106,256.00
TOTAL MUNICIPAL DEBT SERVICE $74,127,577.00
(2) CAPITAL
95280-Capital Improvements $100,000.00
(3) LOCAL DISTRICT SCHOOL PURPOSE
95570-Payment Qualified Bond Principal 8,075,000.00
95580-Payment Qualified Bonds Interest 1,787,811.00
TOTAL SCHOOL DEBT SERVICE $9,862,811.00
(4) WATER UTILITY
95430-Qualified Bond Principal 505,000.00
95440-Qualified Bonds Interest 247,050.00
96860-NJEIT Principal 3,857,657.00
96880-NJEIT Interest 2,390,069.00
97670-ECIA Bond Principal and Interest 4,228,700.00
TOTAL WATER UTILITY $11,228,476.00
(5) SEWER UTILITY
96520-Principal - Trust Loan 5,751,501.00
96530-Interest - Trust Loan 849,174.00
TOTAL SEWER UTILITY $6,600,675.00
TOTAL DEBT SERVICE $101,919,539.00
3. This action shall be effective January 1, 2025.
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, 2025 through December 31, 2025, or until the adoption of the 2025 Municipal Budget.