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EXPLANATORY STATEMENT - (Continued)
BUDGET MESSAGE
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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 | 13,125,605.50 | |
| Less: | ||
| Less: Prior Year Deferred Charges to Future Taxation Unfunded | 524,220.00 | |
| 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 | 12,601,385.50 | |
| Plus 2% CAP Increase | 252,027.71 | |
| ADJUSTED TAX LEVY | 12,853,413.21 | |
| Plus: Assumption of Service/Function | ||
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 12,853,413.21 | |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 12,853,413.21 | |
| Exclusions: | ||
| Allowable Shared Service Agreements Increase | ||
| Allowable Health Insurance Costs Increase | 130,300.00 | |
| Allowable Pension Obligations Increases | 63,397.00 | |
| Allowable LOSAP Increase | 4,100.00 | |
| Allowable Capital Improvements Increase | ||
| Allowable Debt Service and Capital Leases Inc. | 910,610.00 | |
| Recycling Tax appropriation | ||
| Deferred Charge to Future Taxation Unfunded | ||
| Current Year Deferred Charges: Emergencies | ||
| Add Total Exclusions | 1,108,407.00 | |
| Less Cancelled or Unexpended Waivers | ||
| Less Cancelled or Unexpended Exclusions | 1,231.00 | |
| ADJUSTED TAX LEVY | 13,960,589.21 | |
| Additions: | ||
| New Ratables - Increase for new construction | 2,571,000 | |
| Prior Year's Local Purpose Tax Rate (per $100) | 1.128 | |
| New Ratable Adjustment to Levy | 29,000.88 | |
| Amounts approved by Referendum | ||
| Levy CAP Bank Applied | ||
| MAXIMUM ALLOWABLE AMOUNT TO BE RAISED BY TAXATION | 13,989,590.09 | |
| AMOUNT TO BE RAISED BY TAXATION FOR MUNICIPAL PURPOSES | 13,254,000.00 | |
| OVER OR (UNDER) 2% LEVY CAP | (735,590.09) | |
| (must be equal or under for Introduction) |