Section 40A:4-45.3b - Proceeds of sale of municipal assets for immediately preceding year as exceptions.

NJ Rev Stat § 40A:4-45.3b (2019) (N/A)

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40A:4-45.3b Proceeds of sale of municipal assets for immediately preceding year as exceptions.

2. Notwithstanding any provisions of P.L.1976, c.68 (C.40A:4-45.1 et seq.) to the contrary, municipalities shall, in budget year 1981 and in all subsequent budget years in deriving their final appropriations for the prior year upon which the 2.5% annual increase permitted under section 2 of P.L.1976, c.68 (C.40A:4-45.2) is calculated, not be required to treat as exceptions to the prior year's final appropriations any appropriations of the proceeds of the sale of municipal assets which were contained in their budgets for the year 1980 or for any prior budget year. In all fiscal years subsequent to budget year 1981, municipalities shall, in deriving their final appropriations for the immediately preceding budget year upon which the 2.5% annual increase is calculated, treat the amounts of the proceeds of the sale of municipal assets appropriated in their budgets for the immediately preceding year as exceptions to the final appropriations under section 3 of P.L.1976, c.68 (C.40A:4-45.3).

L.1981,c.64,s.2; amended 2004, c.74, s.6.

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Section 40A:4-45.3d - Local Finance Board authorized to grant additional exceptions