New Hanover Committee adopts ordinance to establish municipal budget 'cap bank'

The New Hanover Township Committee voted unanimously on March 10 to adopt Ordinance 2026-02, an ordinance authorizing the municipality to establish a ‘‘cap bank’’ under N.J.S.A. 40A:4-45.14 that preserves unused budget-cap authority for possible future use.

At a public hearing on the ordinance, resident Ethan Taylor asked what the measure would mean for taxpayers. Terry Henry, the township chief financial officer, explained that the ordinance is a routine annual authorization: it does not change current taxes but permits the township to ‘‘bank’’ authority so that if an extraordinary need arises the township could increase appropriations beyond the 2% local cap up to the statutory 3.5% in a later year. Solicitor Mark Roselli provided further detail on how the cap bank works and on procedural limits under the statute.

Mayor Peterla then called for the adoption motion. Deputy Mayor Pawlyzyn moved to approve Ordinance 2026-02, Committeeman Smith seconded, and a roll call vote was 5-0 in favor. The ordinance appears on the township agenda as Ordinance 2026-02 and cites N.J.S.A. 40A:4-45.14 as the enabling statute.

The public hearing produced no substantive opposition, and the committee approved the ordinance on first reading and adoption at the March 10 meeting. The township clerk recorded the roll call as Koshak, Murphy, Pawlyzyn, Smith and Peterla voting aye. The ordinance will be available in the clerk’s office and as part of the meeting record for residents seeking the full text and statutory language.