Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: To make necessary corrections to books and records of the Tax Collector and the General Ledger
Purpose: Refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies
Amount to be Reimbursed: $1,856,137.16
Source of Appropriation: N/A
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Resolution to make necessary corrections to books and records of the Tax Collector and the General Ledger and refund cash payments as a result of overpayments by owners, Attorney, Bank Lending Institutions and Mortgage Service Agencies
Additional Information:
2014 AFS; Exhibit A (see attached)
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WHEREAS, the books and records of the Office of the Tax Collector are continuously reviewed for accuracy pursuant to the laws that govern the collections of Municipal Revenue; and
WHEREAS, payments are made by various Owners, Attorney, Banking, Lending Institutions and Mortgage Servicing Agencies in error; and
WHEREAS, upon receipt of such payments a credit or unapplied entry is created which must be refunded or cancelled; and
WHEREAS, pursuant to Exhibit A, payments totaling $1,856,137.16 were received by the Tax Collector; and
WHEREAS, the Tax Collector must refund, adjust and/or cancel said payment due to cash overpayment; and
WHEREAS, the Director of Finance concurs with the Tax Collector to expeditiously correct the books and records.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY THAT:
1) The Director of Finance and the Tax Collector are hereby authorized to make the necessary corrections with regard to payments received in error.
2) The Director of Finance and the Tax Collector are hereby authorized to refund the appropriate parties the cash overpayment, pursuant to Exhibit A, t...
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