Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council adopts ordinance creating a municipal cap bank and raising the appropriation cap to 3.5%
Summary
The council adopted an ordinance to increase the statutory cap on municipal budget appropriations from 2.5% to a maximum 3.5% and to create a ‘cap bank’ allowing unused appropriations to be carried forward. Finance staff said the measure is a recurring tool used to prepare balanced municipal budgets.
The Newark Municipal Council adopted an ordinance allowing the city to exceed the normal 2.5% municipal budget appropriation limit and to establish a cap bank that would hold unused appropriation capacity for future use.
Benjamin Guzman, acting director of finance, briefed the council: “Adopting this ordinance will allow the city of Newark to increase that up to a maximum of 3 and a half percent, and then…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
