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,...
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