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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 hearing produced no comments. The ordinance allows a municipality, when authorized by ordinance, to appropriate on a later date the difference between its final appropriation and the statutory 3.5% tax levy cap, applied over up to two succeeding years.
Council members moved and seconded adoption; a roll-call vote recorded “yes” from all members present and the motion passed. The council’s reading noted the ordinance’s basis in New Jersey law governing municipal tax levy caps and “cap banking.”
City officials did not receive any public comment on the ordinance during the hearing. The adoption triggers statutory notice and publication requirements under New Jersey law.
Council members said the ordinance was a routine administrative measure to preserve future budget flexibility if unforeseen costs require appropriations above the cap. No amendments or conditions were attached to the ordinance at the May 28 meeting.
The ordinance text cites authority under N.J.S.A. 40A:4-45.1; the council opened and closed the public hearing before taking final action. The city clerk certified the meeting was noticed under the New Jersey Open Public Meetings Act.
