ORDINANCE NO. 2005-05

ORDINANCE TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK

(N.J.S.A. 40A:4-45.14)

Offered By: Mayor Coyne                          Seconded By: Comm. McLoughlin

            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 municipality shall limit any increase in said budget to 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 3.5% percentage rate as an exception to its final appropriations in either of the next two succeeding years; and

            WHEREAS, the governing body of the Borough of Allenhurst in the County of Monmouth finds it advisable and necessary to increase its CY 2005 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 governing body hereby determines that a one percent increase in the budget for said year, amounting to $20,081.53 in excess of the increase in final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary; and

            WHEREAS, the governing body 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, BE IT ORDAINED by the governing body of the Borough of Allenhurst in the County of Monmouth, a majority of the full authorized membership of this governing body affirmatively concurring, that, in the CY 2005 budget year, the final appropriations shall, in accordance with this ordinance and N.J.S.A. 40A:4-45.14 be increased by one percent amounting to $20,081.53, and that the CY 2005 municipal budget be approved and adopted in accordance with this ordinance; and

            BE IT FURTHER ORDAINED 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

            BE IT FURTHER ORDAINED that a certified copy of this ordinance as introduced be filed with the Director of Local Government Services within 5 days of introduction; and

BE IT FURTHER ORDAINED that a certified copy of this ordinance upon adoption, with the recorded vote included thereon, be filed with said Director within 5 days after such adoption.

INTRODUCED:        April 12, 2005

ADOPTED:                April 26, 2005