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 | 12,917,496.45 |
| 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 | 12,917,496.45 |
| Plus 2% CAP Increase | 258,349.93 |
| ADJUSTED TAX LEVY | 13,175,846.38 |
| Plus: Assumption of Service/Function | |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 13,175,846.38 |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 13,175,846.38 | |
| Exclusions: | ||
| Allowable Shared Service Agreements Increase | ||
| Allowable Health Insurance Costs Increase | 8,624.00 | |
| Allowable Pension Obligations Increases | 161,032.00 | |
| Allowable LOSAP Increase | 17,495.00 | |
| Allowable Capital Improvements Increase | ||
| Allowable Debt Service and Capital Leases Inc. | 32,140.00 | |
| Recycling Tax appropriation | ||
| Deferred Charge to Future Taxation Unfunded | ||
| Current Year Deferred Charges: Emergencies | ||
| Add Total Exclusions | 219,291.00 | |
| Less Cancelled or Unexpended Waivers | ||
| Less Cancelled or Unexpended Exclusions | 12,600.00 | |
| ADJUSTED TAX LEVY | 13,382,537.38 | |
| Additions: | ||
| New Ratables - Increase for new construction | 2,555,700 | |
| Prior Year's Local Purpose Tax Rate (per $100) | 1.099 | |
| New Ratable Adjustment to Levy | 28,087.14 | |
| Amounts approved by Referendum | ||
| Levy CAP Bank Applied | ||
| MAXIMUM ALLOWABLE AMOUNT TO BE RAISED BY TAXATION | 13,410,624.52 | |
| AMOUNT TO BE RAISED BY TAXATION FOR MUNICIPAL PURPOSES | 12,872,833.49 | |
|
OVER OR (UNDER) 2% LEVY CAP
(must be equal or under for Introduction)
|
(537,791.03) | |