Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Cancellation of Commitments Payable and 2024 Appropriation Reserves
Amount to be Cancelled: $11,719,138.26.
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION CANCELING CERTAIN COMMITMENTS PAYABLE ITEMS AND 2024 APPROPRIATION RESERVES FOR THE CITY OF NEWARK
Additional Information:
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WHEREAS, the City of Newark has certain Commitment Payable Items and 2024 Appropriation Reserves outstanding as of August 28, 2025; and
WHEREAS, Samuel Klein and Company, LLP, Auditors for the City of Newark, have recommended that said items be cancelled, pursuant to N.J.S.A. 40A:4-60.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
1. Pursuant to N.J.S.A. 40A:4-60, the Director of Finance of the City of Newark is hereby authorized and directed to cancel Commitments Payable Items ($1,282,314.36) and 2024 Appropriation Reserves ($10,436,823.90) in the total amount of $11,719,138.26.
2. The cancelled amounts will be used as revenue for the 2025 Municipal Budget.
STATEMENT
This resolution authorizes the Director of Finance to cancel $11,719,138.26 in Commitments Payable and 2024 Appropriation Reserves to be used as revenue for the 2025 Municipal Budget, pursuant to N.J.S.A. 40A:4-60.