File #: 23-1183    Version: 1 Name: Resolution canceling $8,747,425.00 in Commitments Payable
Type: Resolution Status: Adopted
File created: 7/14/2023 In control: Finance
On agenda: 9/7/2023 Final action: 9/7/2023
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:
Sponsors: Council of the Whole

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.