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Caldwell council introduces ordinance to bank unused 2026 tax-cap authority
Summary
The Borough Council introduced Ordinance 1495-26 on April 7 to exceed municipal budget appropriation limits and establish a 'cap bank' under N.J.S.A. 40A:4-45.14; the introduction passed unanimously after CFO Chris Battaglia explained the need.
The Borough Council of Caldwell introduced Ordinance No. 1495-26 on April 7, allowing the borough to exceed this year’s municipal budget appropriation limits in order to establish a cap bank under state statute. CFO Chris Battaglia explained the rationale for the measure during the meeting and councilmembers voted to introduce the ordinance without recorded opposition.
The ordinance, read by title at the start of the meeting, is a procedural step that permits the borough to reserve unused municipal tax levy capacity for future use under N.J.S.A. 40A:4-45.14. Councilwoman Hunkele moved to introduce the measure and Councilman Daniolowicz seconded; the motion carried by roll call vote.
Because the ordinance was introduced rather than adopted, further procedural steps are required before it becomes law; the council did not set a final adoption date in the public record during the meeting.
