Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Cancellation of Commitments Payable
Amount to be Cancelled: $8,747,425.00
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION CANCELING CERTAIN COMMITMENTS PAYABLE ITEMS FOR THE CITY OF NEWARK.
Additional Information:
body
WHEREAS, the City of Newark has certain Commitment Payable Items outstanding as of July 19, 2023; 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 in the amount of $8,747,425.00.
2. The cancelled amount will be used as revenue for the 2023 Municipal Budget.
STATEMENT
This resolution authorizes the Director of Finance to cancel $8,747,425.00 in Commitments Payable to be used as revenue for the 2023 Municipal Budget, pursuant to N.J.S.A. 40A:4-60.