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RESOLUTION TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK, PURSUANT TO N.J.S.A. 40A:4-45.15
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WHEREAS, the Local Government Cap Law, N.J.S.A. 40A:4-45.1 et seq., provides that in the preparation of its annual budget, a county shall limit any increase in said budget to 2.50% unless authorized by resolution 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 county may, when authorized by resolution, appropriate the difference between the amount of its final appropriation and the 3.5% percentage rate as an exception to its final appropriations in either of the next two succeeding years; and,
WHEREAS, the Board of Commissioners in the County of Passaic finds it advisable and necessary to increase its 2024 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 Board of Commissioners hereby determines that a 1.0% increase in the budget for said year, amounting to $2,562,080.27 in excess of the increase in the final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary; and,
WHEREAS, the Board of Commissioners in the County of Passaic hereby determines that any amount authorized hereinabove that is not appropriated as part of the final budget shall be retained as an exception to final appropriation in either of the next two succeeding years.
NOW, THEREFORE, LET IT BE RESOLVED, by the Board of Commissioners of the County of Passaic, a majority of the full authorized membership of this governing body affirmatively concurring, that, in the 2024 budget year, the final appropriations of the County of Passaic shall, in accordance with this resolution and N.J.S.A. 40A:4-45.14, be increased by 1.0%, amounting to $2,562,080.27 and that the 2024 county budget for the County of Passaic be approved and adopted in accordance with this resolution; and,
LET IT BE FURTHER RESOLVED, that any amount authorized hereinabove that is not appropriated as part of the final budget shall be retained as an exception to final appropriation in either of the next two succeeding years; and,
LET IT BE FURTHER RESOLVED, that a certified copy of this resolution as introduced be filed with the Director of the Division of Local Government Services within 5 days of introduction; and,
LET IT BE FURTHER RESOLVED, that a certified copy of this resolution upon adoption, with the recorded vote included thereon, be filed with said Director within 5 days after such adoption.
February 27, 2024