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 | 12,967,331.07 |
| Less: | |
| Less: Prior Year Deferred Charges to Future Taxation Unfunded | 144,922.00 |
| Less: Prior Year Deferred Charges: Emergencies | 1,350,000.00 |
| Less: Prior Year Recycling Tax | |
| Less: | |
| Less: | |
| Net Prior Year Tax Levy for Municipal Purpose Tax for CAP Calculation | 11,472,409.07 |
| Plus 2% CAP Increase | 229,448.18 |
| ADJUSTED TAX LEVY | 11,701,857.25 |
| Plus: Assumption of Service/Function | |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 11,701,857.25 |
| ADJUSTED TAX LEVY PRIOR TO EXCLUSIONS | 11,701,857.25 | |
| Exclusions: | ||
| Allowable Shared Service Agreements Increase | ||
| Allowable Health Insurance Costs Increase | 227,360.00 | |
| Allowable Pension Obligations Increases | 153,478.00 | |
| Allowable LOSAP Increase | 6,601.00 | |
| Allowable Capital Improvements Increase | ||
| Allowable Debt Service and Capital Leases Inc. | 291,631.00 | |
| Recycling Tax appropriation | ||
| Deferred Charge to Future Taxation Unfunded | ||
| Current Year Deferred Charges: Emergencies | ||
| Add Total Exclusions | 679,070.00 | |
| Less Cancelled or Unexpended Waivers | ||
| Less Cancelled or Unexpended Exclusions | 18,149.00 | |
| ADJUSTED TAX LEVY | 12,362,778.25 | |
| Additions: | ||
| New Ratables - Increase for new construction | 2,016,200 | |
| Prior Year's Local Purpose Tax Rate (per $100) | 1.116 | |
| New Ratable Adjustment to Levy | 22,500.79 | |
| Amounts approved by Referendum | ||
| Levy CAP Bank Applied | 670,681.74 | |
| MAXIMUM ALLOWABLE AMOUNT TO BE RAISED BY TAXATION | 13,055,960.78 | |
| AMOUNT TO BE RAISED BY TAXATION FOR MUNICIPAL PURPOSES | 13,055,960.78 | |
| OVER OR (UNDER) 2% LEVY CAP | (0.00) | |
| (must be equal or under for Introduction) |