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Council adopts annual cap-bank ordinance as procedural step
Summary
Council passed Ordinance O-5-2026 to permit exceeding municipal budget appropriation limits and to establish a cap bank under N.J.S.A. 40A:4-45.14; the governing body said it has no intention of exceeding the cap.
The Borough Council voted unanimously on March 24 to adopt Ordinance O-5-2026, which authorizes exceeding municipal budget appropriation limits and establishes a cap bank in accordance with N.J.S.A. 40A:4-45.14. Council President Anthony Floria-Callori described the ordinance as an annual procedural action that preserves flexibility for the municipal budget but said the council does not intend to exceed the statutory cap.
Council President Floria-Callori explained the ordinance is "an annual procedural action to exceed statutory cap. He noted that the governing body has no intention to exceed the cap, but the ability to do so is granted through the ordinance." The ordinance was opened for a public hearing, closed, and adopted with no opposing votes.
