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ORDINANCE 2012-11 Establish Cap Bank

ADOPTED: April 3, 2012

AN ORDINANCE OF THE BOROUGH OF POINT PLEASANT BEACH,
OCEAN COUNTY, NEW JERSEY AUTHORIZING THE BOROUGH
TO ESTABLISH A CAP BANK



WHEREAS, the Local Government Cap Law, N.J.S. 40A:4-45.1 et.seq., provides that in the preparation of its annual budget, a municipality shall limit any increase in said budget up to 2.5% unless authorized by ordinance to increase it to 3.5% over the previous years 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 3.5% rate as an exception to its final appropriations in either of the next two succeeding years; and,

WHEREAS, the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, finds it advisable and necessary to increase its CY2012 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 Borough Council hereby determines that a rate of 3.5% increase in the budget for said year, amounting to $321,005.15 in excess of the increase in final appropriations otherwise permitted by the Local Government Cap Law, is advisable and necessary; and

WHEREAS, the Borough Council 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 Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, a majority of the full authorized membership of this governing body affirmatively concurring that, in the CY2012 budget year, the final appropriations of the Borough of Point Pleasant Beach shall, in accordance with this ordinance and N.J.S.A. 40A:4-45.14, be increased by 3.5% amounting to $321,005.15, and that the CY2012 municipal budget for the Borough of Point Pleasant Beach 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 the Division 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.



N O T I C E

NOTICE IS HEREBY GIVEN that the foregoing Ordinance was introduced and passed on first reading at the regular meeting of the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, held on the 20th day of March 2012 and will be considered for second reading and final passage at the regular meeting of said governing body to be held on the 3rd day of April 2012 at 7:00 P.M. in the Council Chambers of the Borough Hall, 416 New Jersey Avenue, at which time and place any person desiring to be heard will be given an opportunity to be so heard.



Maryann Ellsworth, RMC
Municipal Clerk


Published March21, 2012 | New Ordinances | 1327


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