News Flash

Budgeting

Posted on: December 23, 2022

Division Issues Guidance on CY 2023 Budget Matters

The statutory deadlines for budget introduction and adoption have been revised. Municipal budgets must be introduced by March 31, instead of February 10, and adopted by April 28, instead of March 20. The Mayor/Council Faulkner Act budget transmission to governing body must be by February 27, instead of January 17. Regardless of the revised dates, a budget may be adopted anytime within 10 days of receiving the Director’s certification of approval of the budget. The Division has cautioned that “municipalities and counties that fail to timely adopt their budget risk imposition of statutory penalties.”
  
If your municipality deferred charges for COVID Special Emergencies adopted in 2020 and 2021, the 2023 budget must include the second installment. The deferred charge can be excluded from both the appropriation and levy caps.
  
For 2023 the health insurance levy cap is 19.6% and the appropriation cap is 17.6%. As a reminder, the health insurance cap is based upon an average State Health Benefits increase which is 21.6% for 2023.
  
We suggest you review this Local Finance Notice with your chief financial officer and administrator.
  
Contact: Lori Buckelew, Deputy Executive Director & Director of Government Affairs, lbuckelew@njlm.org, 609-695-3481, x112.

Facebook Twitter Email

Other News in Budgeting

FY2023 Federal Omnibus Budget Passed

Posted on: January 9, 2023

SHBP Update: No Relief In New Year

Posted on: December 30, 2022

Federal Budget Update

Posted on: December 23, 2022

Energy Tax Receipt Funding Update

Posted on: June 29, 2022

FY2023 Budget Update

Posted on: June 29, 2022

FY 2023 Budget Hearings Continue

Posted on: April 22, 2022

FY 2021 State Budget-Municipal Interest

Posted on: February 24, 2021