Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for the City of Newark all Interest, Debt Redemption Charges, and Capital Improvements for Year 2023.
Funding Source: City of Newark Budget
Appropriation Amount: $73,316,969.00
Budget Year: 2023
Contract Period: January 1, 2023 through December 31, 2023
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:
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A:4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2023 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution is passed at this Regular Meeting of the Municipal Council on December 21, 2022, to be effective as of January 1, 2023; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2023 Budget is the sum of Seventy-Three Million Three Hundred Sixteen Thousand Nine Hundred Sixty-Nine Dollars and Zero Cents ($73,316,969.00).
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The following temporary appropriations be made and that a certified copy of this Resolution be transmitted to the Chief Financial Officer for his/her records.
2. The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430- Payment on Qualified Bond Principal $22,643,218.00
95440-Interest on Qualified Bond Principal 11,548,087.00
96670-ECIA Bonds Principal 250,000.00
96680-ECIA Bonds Interest 162,518.00
96830-Demolition Bond Loan II 126,250.00
95650-Interest on Notes 1,531,598.00
94140-Newark Housing Authority Bonds 2,035,000.00
94150-Newark Housing Authority Interest 2,451,300.00
97430-Tax Appeals BAN Principal 6,124,475.00
96860- NJEIT Principal 1,383,235.00
96870- NJEIT Interest 134,425.00
97380- Business Personal Property
Replacement Aid - School Portion 1,144,999.00
97650-HUD Section 108 Loan - Principal 235,000.00
97660-HUD Section 108 Loan - Interest 249,894.00
____________
TOTAL MUNICIPAL DEBT SERVICE $50,019,999.00
(2) CAPITAL
95280-Capital Improvements $100,000.00
(3) LOCAL DISTRICT SCHOOL PURPOSE
95570-Payment Qualified Bond Principal 5,515,000.00
95580-Payment Qualified Bonds Interest 1,283,400.00
95650-Interest School Promissory Note 348,804.00
TOTAL SCHOOL DEBT SERVICE $7,147,204.00
(4) WATER UTILITY
95430-Qualified Bond Principal 490,000.00
95440-Qualified Bonds Interest 290,270.00
96860-NJEIT Principal 2,773,539.00
96880-NJEIT Interest 881,144.00
97670-ECIA Bond Principal and Interest 4,228,950.00
TOTAL WATER UTILITY $8,663,903.00
(5) SEWER UTILITY
96520-Principal - Trust Loan 5,500,650.00
96530-Interest - Trust Loan 885,213.00
TOTAL SEWER UTILITY $6,385,863.00
TOTAL DEBT SERVICE $72,316,969.00
3. This action is ratified from January 1, 2023 to the date of the adoption of this authorizing Resolution.
4. A copy of this Resolution shall be immediately filed with the Director of the Division of Local Government Services by the Acting City Clerk.
STATEMENT
This Temporary Appropriation will provide funds from January 1, 2023 through March 31, 2023, until the adoption of the 2023 Municipal Budget.