BOROUGH OF RIVERTON ORDINANCE O – 2019 – 03
AN ORDINANCE TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK FOR CALENDAR YEAR 2019 (N.J.S.A. 40a:4-45.14)
PLEASE TAKE NOTICE that the foregoing Ordinance was introduced and passed on first reading by the Riverton Borough Council at a meeting held March 19, 2019. Second reading and a public hearing is scheduled for April 16, 2019 at the Municipal Building, 505A Howard Street, Riverton, NJ at 7:00 pm at which time and place any persons desiring to be heard upon the same will be given an opportunity to be heard. Copies of the full Ordinance will be made available at the Municipal Clerk’s Office, 505A Howard Street, Riverton, NJ during normal business hours, to members of the general public who shall request them
The purpose of this Ordinance is to limit any increase in said budget to 1.0% to permit the final appropriation of the annual budget to increase by a percentage rate greater than the index rate 2.5% for 2019 as certified by the Director of Local Government Services in the Department of Community Affairs. The final appropriation may not exceed 3.5% rate as provided by law.
Attest: Michelle Hack, RMC