Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Budget topic
No spam. Unsubscribe anytime.
Irvington council introduces budget amendment and authorizes $500,000 special emergency notes for property revaluation
Summary
Council introduced an amendment to the CY2024 municipal budget and set a Sept. 23 public hearing; it also authorized issuance of $500,000 in special emergency notes to finance a supplemental appropriation for a full property revaluation and tax map update.
The Irvington Municipal Council introduced Budget Amendment #1 for the calendar year 2024 on Sept. 9 and scheduled a public hearing for Sept. 23, 2024. The amendment revises several line items and identifies revenues and appropriations that will be presented at the public hearing.
Separately the council adopted a resolution authorizing issuance of $500,000 in special emergency notes to finance a supplemental special emergency appropriation for a full revaluation of real property and preparation of an approved tax map. The resolution notes the township previously authorized $850,000 for revaluation work in 2022 and states that total revaluation costs are now estimated at $1,350,000.
The special emergency-note resolution sets repayment and disclosure parameters required by the Local Budget Law and Rule 15c2-12 (secondary market disclosure). The chief financial officer is authorized to determine maturities, interest rates and sale terms for the notes and to report bond/note sales back to the governing body.
Council set filing and publication steps and certified required budget copy submissions to the Division of Local Government Services. The council record lists Faheem J. Ra' Oof, CPA, CMFO as Chief Financial Officer and shows the introduction and adoption votes as recorded in the meeting minutes.
