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Long Branch council adopts ordinance to create cap bank under state statute
Summary
The Long Branch City Council on May 28 adopted Ordinance 008-25 to establish a municipal "cap bank" under N.J.S.A. 40A:4-45.1, allowing the city to appropriate certain increases above the 3.5% tax levy cap in later years; the measure passed on second reading by unanimous roll call.
LONG BRANCH, N.J. — The Long Branch City Council voted unanimously May 28 to adopt Ordinance 008-25, authorizing the city to establish a municipal “cap bank” under N.J.S.A. 40A:4-45.1 and to exceed the statutory appropriation limit in specified future years.
The ordinance was introduced May 14 and adopted on its second and final reading at the council’s May 28 meeting after a public…
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