EXPLANATORY STATEMENT - (Continued)
BUDGET MESSAGE
NEW JERSEY 2010 LOCAL UNIT LEVY CAP LAW
P.L. 2007, c. 62, was amended by P.L. 2008 c. 6 and P.L. 2010 c. 44 (S-29 R1).
The last amendment reduces the 4% to 2% and modifies some of the exceptions and
exclusions. It also removes the LFB waiver. The voter referendum now requires a vote in
excess of only 50% which is reduced from the original 60% in P.L. 2007, c. 62.
The last amendment reduces the 4% to 2% and modifies some of the exceptions and
exclusions. It also removes the LFB waiver. The voter referendum now requires a vote in
excess of only 50% which is reduced from the original 60% in P.L. 2007, c. 62.
SUMMARY LEVY CAP CALCULATION
| LEVY CAP CALCULATION | |
| Prior Year Amount to be Raised by Taxation | 13,055,960.78 |
| Less: | |
| Less: Prior Year Deferred Charges to Future Taxation Unfunded | |
| Less: Prior Year Deferred Charges: Emergencies | |
| Less: Prior Year Recycling Tax | |
| Less: | |
| Less: | |
| Net Prior Year Tax Levy for Municipal Purpose Tax for CAP Calculation | 13,055,960.78 |
| Plus 2% CAP Increase | 261,119.22 |
| ADJUSTED TAX LEVY | 13,317,080.00 |
| Plus: Assumption of Service/Function | |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 13,317,080.00 |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 13,317,080.00 | |
| Exclusions: | ||
| Allowable Shared Service Agreements Increase | ||
| Allowable Health Insurance Costs Increase | ||
| Allowable Pension Obligations Increases | 94,831.00 | |
| Allowable LOSAP Increase | ||
| Allowable Capital Improvements Increase | 3,500,000.00 | |
| Allowable Debt Service and Capital Leases Inc. | 576,046.00 | |
| Recycling Tax appropriation | ||
| Deferred Charge to Future Taxation Unfunded | 524,220.00 | |
| Current Year Deferred Charges: Emergencies | ||
| Add Total Exclusions | 4,695,097.00 | |
| Less Cancelled or Unexpended Waivers | ||
| Less Cancelled or Unexpended Exclusions | 985.00 | |
| ADJUSTED TAX LEVY | 18,011,192.00 | |
| Additions: | ||
| New Ratables - Increase for new construction | 3,468,700 | |
| Prior Year's Local Purpose Tax Rate (per $100) | 1.123 | |
| New Ratable Adjustment to Levy | 38,953.50 | |
| Amounts approved by Referendum | ||
| Levy CAP Bank Applied | ||
| MAXIMUM ALLOWABLE AMOUNT TO BE RAISED BY TAXATION | 18,050,145.50 | |
| AMOUNT TO BE RAISED BY TAXATION FOR MUNICIPAL PURPOSES | 13,125,655.50 | |
| OVER OR (UNDER) 2% LEVY CAP | (4,924,490.00) | |
| (must be equal or under for Introduction) |