Title
Dept/ Agency: Offices of Municipal Council/City Clerk
Action: (X) Ratifying (X) Authorizing ( ) Amending
Type of Service: Memorandum of Understanding
Purpose: Reducing CY 2018 Transitional Aid Oversight
Entity Name: Division of Local Government Services, New Jersey Department of Community Affairs
Entity Address: 101 South Broad Street, Trenton, New Jersey 08625
Contract Amount: Not Applicable
Contract Period: Calendar Year 2018
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a
Additional Information:
Deferred 7R8-c 091918
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WHEREAS, the City of Newark (the "City") entered the Transitional Aid to Localities ("Transitional Aid") Program in 2014 as a means of addressing an ongoing and significant structural budget deficit; and
WHEREAS, the City has made significant progress in reducing its' structural budget deficit heading into 2018; and
WHEREAS, the Director of the Division of Local Government Services (the "Director") has determined that Seven Million, Two Hundred and Forty-One Dollars and Zero Cents ($7,241,000.00) in Transitional Aid should be reallocated to the City as Consolidated Municipal Property Tax Relief ("CMPTRA"); and
WHEREAS, the receipt of said CMPTRA funds as part of the State budget process will assist the City in achieving a balanced budget for 2018; and
WHEREAS, the Transitional Aid Program typically requires a graduating municipality to remain under the Division of Local Governments' oversight for a period of one (1) year following receipt of Transitional Aid; and
WHEREAS, the Director has considered the City's progress during the past four (4) years and has determined that modified oversight requirements will be sufficient to assist the City with its' efforts in transitioning from the Transi...
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