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Council introduces ordinance to establish a budget 'cap bank' for COLA flexibility
Summary
Council introduced Ordinance 04-2025 to exceed the municipal appropriation limit and establish a cap bank that allows future cost-of-living adjustments up to 3.5 percent; CFO Mike Marceau explained the mechanism during public comment.
On May 27 the Ogdensburg Mayor and Council moved to introduce Ordinance 04-2025, a procedural municipal ordinance permitting the borough to exceed the appropriation cap and establish a "cap bank." CFO Mike Marceau explained to a public question that the ordinance is a cost-of-living adjustment mechanism that allows the borough to establish up to a 3.5% cap bank above the statutory 2.5% appropriation cap for future use.
Robert Armstrong asked for clarification on what the 3.5% represented during the public comment period; Marceau answered: "It is a cost of living adjustment; we have a 2.5% appropriation cap limit they allows us to increase it to the 3.5%. We are not actually raising spending 3.5% what it does is allow us to set aside, almost like a fictional pool of money that within the next three years if we need to increase spending we can dip into that cap bank." The ordinance was introduced and will proceed to a later public hearing or adoption step.
