New Jersey Division of Local Government Services Local Finance Notice 2024-01
Local Finance Notice 2024-01 LOSAP CY 2023 Annual CPI Adjustment (For Use in CY 2024)
This Local Finance Notice provides local units administering a Length of Service Awards Program with information regarding award increases and cost of living adjustments to maximum award amounts. New programs must provide a benefit between $100 and $1,150 per year. Automatic CPI adjustments are permissible if authorizing language was included in the enabling resolution or ordinance. Time-to-time CPI adjustments can be made up to a maximum equal to the cumulative percentage increase since the award was last set, and authorizing automatic increases requires an amendment to the enabling ordinance or resolution.
CPI Adjustments for Use in CY 2024
- The Division of Local Government Services calculates an adjustment to the maximum LOSAP contribution due to changes in the CPI annually. The adjustment is 3.5% for municipal LOSAPs and 6.9% for fire district LOSAPs.
Local Finance Notice 2024-01
Please follow the link below to read more about these items and guidance on how your local unit can implement them: https://www.nj.gov/dca/dlgs/lfns/2024/2024-01.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2024-01 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or sdw@w-cpa.com.
