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File #: 16-0830    Version: 1 Name: BUDGET APPROPRIATION CAP BANK for 2016
Type: Ordinance Status: Adopted
File created: 5/11/2016 In control: Administration
On agenda: 5/18/2016 Final action: 7/7/2016
Title: AN ORDINANCE OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, PROVIDING FOR A "CAP" ORDINANCE TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK for 2016 (N.J.S.A. 40A:4-45.14).
Title
AN ORDINANCE OF THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, PROVIDING FOR A "CAP" ORDINANCE TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK for 2016 (N.J.S.A. 40A:4-45.14).

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WHEREAS, the Local Government Law, N.J.S.A. 40A:4-45.1 et seq., provides that in the preparation of its annual budget, a municipality shall limit any increase in said budget appropriations to 0.0% unless authorized by ordinance to increase it to 3.5% over the previous year's final appropriations, subject to certain exceptions; and

WHEREAS, N.J.S.A. 40A:4-45.15a provides that a municipality may, when authorized by ordinance, appropriate the difference between the amount of its actual final appropriation and the 0% percentage rate as an exception to its final appropriations in either of the next two succeeding years; and

WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, finds it advisable and necessary to increase its CY 2016 budget by up to 3.5% over the previous year's final appropriations in the interest of promoting the health, safety and welfare of the citizens; and

WHEREAS, the Municipal Council hereby determines that a 3.5% increase in the budget for said year, amounting to $17,847,374.97 in excess of the increase in final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary; and

WHEREAS, the Municipal Council hereby determines that any amount, authorized hereinabove, that is not appropriated as part of the budget shall be retained as an exception to final appropriation in either of the next two succeeding years.

NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, in the County of Essex, a majority of the full authorized membership of this Governing Body affirmatively concurring, that, in the CY 2016 budget year, the final appropriations of the City of Newark shall, in accordance ...

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