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Council introduces 'cap bank' ordinance to allow 3.5% budget increase for 2025
Summary
Council introduced O.25.06 to exceed the municipal budget appropriation limit for calendar year 2025 by using a cap bank, proposing an aggregate increase of 3.5% (2.5% plus 1%). The public hearing is scheduled for April 8, 2025.
On March 11 the council introduced Ordinance O.25.06 to exceed the municipal budget appropriation limit and establish a cap bank under N.J.S.A. 40A:4-45.14 for calendar year 2025. The ordinance proposes raising the budget cap by an aggregate of 3.5 percent (the borough’s 2.5 percent baseline plus an additional 1 percent).
Council scheduled a public hearing and second reading on April 8, 2025. The action sets the procedural timeline for council to consider raising the limit during the 2025 budget process; no final budget figure was adopted at this meeting.
