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Posted on: May 22, 2020

State Budget Update

Today State Treasurer Liz Muoio issued a report on the fiscal condition of the state budget. The report indicates that the State can expect an up-to $10 billion shortfall between now and June 2021. The data reflects a shortfall of $2.75 billion through th...

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Budgeting
Posted on: May 18, 2020

Your Action Needed on COVID-19 Bonding

On Thursday the Assembly passed by a vote of 57-20 A-3971 which authorizes the issuance of “coronavirus relief bonds” by municipalities and counties. Specifically, A-3971 permits municipalities to issue bonds for the loss of revenue an...

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Budgeting
Posted on: May 8, 2020

Senate Budget Committee Releases S-2387

Yesterday the Senate Budget Committee released S-2387, which extends the statutory deadline to file a property tax appeal from May 1 to July 1 and provides the County Board of Taxation until September 30 to render a decision on a tax appeal. The deadline ...

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Budgeting
Posted on: April 28, 2020

Property Tax Payment Grace Period Gets Executive Order

Governor Murphy has issued Executive Order 130, which permits a governing body to adopt a resolution extending the grace period for the May 1 property tax payment. The grace period cannot go later than June 1, 2020. A copy of the resolution must be filed ...

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Budgeting
Posted on: April 27, 2020

Upcoming 2nd Quarter Property Tax Payment

For the past several weeks we have been receiving numerous inquiries regarding the upcoming 2nd Quarter Property Tax payment. To date, there has been no administrative or legislative action to extend the May 1 property tax payment date. We have issued an ...

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Budgeting
Posted on: April 24, 2020

Pension Payment Reminder

The Division of Pensions and Benefits sent a reminder notice to all Certifying Officers reminding them that the annual pension contribution grace period for payment for both Public Employee’s Retirement System (PERS) and Police & Fire Retire...

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Budgeting
Posted on: April 17, 2020

League Officers Urge State Leaders to Remember Local Budgets

Yesterday, your League Officers – President Jim Perry, Committeeman, Hardwick; First Vice President Janice Kovach, Mayor, Clinton; Second Vice President Bill Chegwidden, Mayor, Wharton; and Third Vice President Sue Howard, Mayor, Monmouth Beach ...

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Budgeting
Posted on: April 15, 2020

Resolution & Options for Changing Delinquent Property Taxes Interest

As we approach the May 1 property tax deadline, we would like to advise you of options currently available to you to assist property owners facing fiscal challenges. 

N.J.S.A. 54:4-67 permits municipal governing bodies to establish the rate of int...

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Budgeting
Posted on: April 1, 2020

State Budget & Income Tax Deadline Extension

This morning, Governor Murphy, Senate President Sweeney and Assembly Speaker Coughlin issued the following joint statement, “The ongoing COVID-19 pandemic has caused hardships, financial strain, and disruptions for many New Jerseyans and New Jer...

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Budgeting
Posted on: March 30, 2020

CARES Bill Follow-up

The $2 Trillion aid package passed last week in Washington will do a lot of good. But for the State of New Jersey and for New Jersey municipalities preparing their budget, at a time when all face almost certain revenue losses, more will need to be done. P...

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Budgeting
Posted on: March 30, 2020

Enhancing Liquidity in the Municipal Debt Market

Federal Reserve MMLF Expansion

The Federal Reserve has expanded the Money Market Mutual Liquidity Fund (MMLF) to include certain high quality municipal securities, specifically notes with less than 12 month maturities, as eligible collateral. This means th...

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Budgeting
Posted on: March 27, 2020

CY 2020/SFY2021 State Aid Remains Flat

The Division of Local Government Services has issued Local Finance Notice 2020-08 noting that no municipality will receive less total State formula aid in CY2020/FY2021 than it received last year. However, the Division does not that the proposed budget se...

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Budgeting
Posted on: March 25, 2020

State Freezes Spending

State Treasurer Muoio issued a new voluntary disclosure statement to bond holders providing detail on the potential impact COVID-19 may have on the State’s finances, including revenue collection and pension fund contributions. The disclosure sta...

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Budgeting
Posted on: March 25, 2020

Guidance on Budget Deadline Extension, Levy Cap Exemption, and Tax Bills

In response to COVID-19 the Division of Local Government Services issued Local Finance Notice 2020-07 providing emergency budget, levy cap exemption, tax bill and depositing fund guidance. Please see our blog post for information. We strongly rec...

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Budgeting
Posted on: March 2, 2020

FY 2021 State Budget-Municipal Interest

On Tuesday Governor Murphy proposed a $40.85 billion budget, to govern state spending through the State’s next (FY 2021) Fiscal Year. While we continue our analysis, we wanted to highlight the following areas of interest in the FY2021 Budget Bri...

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Budgeting
Posted on: February 24, 2020

Healthcare Levy Cap Exclusion 2020 Budget

In Local Finance Notice 2020-02, the Division of Local Government Services (DLGS) noted that when preparing the property tax levy cap workbook the healthcare levy cap exclusion cannot be used for increases in healthcare costs resulting from decreases in e...

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Budgeting
Posted on: January 21, 2020

Treasury Funding Release Reported

Politico has reported that the NJ Department of the Treasury will be releasing the balance of the $235 million that the Governor placed in reserve when he signed the State budget last June. His decision to hold off on the distribution of those funds, whic...

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Budgeting
Posted on: January 3, 2020

DLGSA Extends CY 2020 Budget Deadlines

The Division of Local Government Services has issued Local Finance Notice 2019-16 regarding 2020 Calendar Year (CY) Budget matters, including information on the Transitional Aid Application process, health benefits cap, municipal aid, and local examinatio...

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Budgeting
Posted on: October 24, 2019

State Releases $114M in Transitional Aid Funding

As you may recall, when signing the State’s FY 2020 spending plan back in June, uncertainty about meeting revenue targets prompted Governor Murphy to direct the State Treasurer to withhold funding for certain programs. The total held in abeyance equaled $...

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Budgeting
Posted on: July 10, 2019

Governor Freezes Most Transition Aid

Upon signing the FY 2020 State budget, Governor Murphy issued Executive Order 73, which impounds up to $235 million in spending, and is not subject to a potential override. Specifically, EO 73 directs the Department of Treasury, Office of Management and B...

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Budgeting
Posted on: July 1, 2019

Governor Signs State FY 2020 State Budget; Line Items Out $48.5 million and Reserves $235 Million

On Sunday Governor Phil Murphy signed the State FY 2020 budget following a 2 pm public event. In doing so, the Governor used his authority to line item out $48.5 million in expenditures in the budget.  From the just over $48 million in spending t...

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Budgeting