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Clark council adopts temporary 'cap bank' ordinance; consent agenda includes tax appeal settlements and shared-service agreements
Summary
Council adopted Ordinance 2603 to allow an appropriation 'cap bank' up to 3.5% above the base DCA allowance; the consent agenda approved an emergency temporary appropriation, donations, shared-service agreements, two 100% VA property tax exemptions and tax appeal settlements totaling $76,193.83 in credits.
The Township of Clark Council voted on Feb. 17 to adopt Ordinance 2603, which permits the municipality to exceed the Department of Community Affairs' base appropriation increase (1.5%) and budget up to 3.5% where justified, and to bank unused cap for up to two years.
The ordinance was presented with a clerical citation correction to the statutory reference (NJSA 40:4-45.14) that the township attorney described as non-substantive. After a short explanation of the cap bank's purpose — to allow flexibility in years where appropriations exceed the DCA's base…
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