New Jersey Division of Local Government Services Local Finance Notice 2024-03
Local Finance Notice 2024-03 Appropriations Cap Relief for CY2024/SFY2025 Budgets
N.J.S.A. 40A:4-45.3d authorizes the Local Finance Board (Board) to grant additional exceptions to the municipal appropriations cap (also known as the “1977 cap”) upon finding that extraordinary circumstances exist resulting in an unanticipated increase in expenditures for a service essential to the health, safety, and welfare of New Jersey residents. Such exceptions, when granted by the Board, are applicable to all municipalities but only effective for the local budget year in which the exceptions are granted.
The Board approved the following appropriation increases in excess of 3.5% for the following CY2024/SFY2025 budget appropriations:
- Garbage and Trash Removal and Disposal
- restricted to municipalities that did not utilize this exception in their CY2023/SFY2024 budgets.
- Recycling
- restricted to municipalities that did not utilize this exception in their CY2023/SFY2024 budgets.
- Liability Insurance (including Property, Casualty, and Cybersecurity) and
- Worker’s Compensation Insurance.
Local Finance Notice 2024-03
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/2024/2024-03.pdf
Contact Wielkotz & Company, LLC Today
For further information on Local Finance Notice 2024-03 and its implementation feel free to reach out to Steven Wielkotz at (973)-835-7900 ext. 201 or sdw@w-cpa.com.
