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Toms River introduces CAP bank ordinance to fund anticipated labor contract increases without raising taxes
Summary
Council members introduced an ordinance to establish a CAP bank that would allow the township to exceed the 3.5% appropriation cap so it can fund contract‑negotiation raises (police and other bargaining units) while keeping taxes flat; CFO and mayor outlined surplus, ratables and timing for a follow‑up vote.
The Toms River Township Council on April 8 introduced an ordinance to establish a capital appropriation (CAP) bank, a budget mechanism that would let the municipality exceed the state’s 3.5% appropriation increase limit in order to absorb expected collective‑bargaining cost increases without redoing the budget or…
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