BOROUGH OF RIVERTON

ORDINANCE #O-2026-08

 

ORDINANCE TO EXCEED THE MUNICIPAL BUDGET APPROPRIATION LIMITS AND TO ESTABLISH A CAP BANK FOR CALENDAR YEAR 2026

 

PUBLIC NOTICE is hereby given that the Ordinance identified by Title as hereinafter set forth as introduced and passed upon first reading at a meeting of the Riverton Governing Body, in the County of Burlington, State of New Jersey, held on April 15, 2026.  The same Ordinance will be further considered for final passage, after a public hearing during a meeting of the Riverton Governing Body to be held on May 20, 2026 commencing at 6:30 pm, prevailing time, or at any time and place to which such meeting from time to time may be adjourned.

Any member of the public who is interested can view a full copy of the Ordinances from the Office of the Borough Clerk of Riverton.

 

EXPLANATORY STATEMENT

 

This ordinance authorizes the Borough of Riverton to exceed the standard municipal budget appropriation increase limitation established under New Jersey’s Local Government Cap Law for calendar year 2026.

State law generally limits annual increases in a municipality’s final budget appropriations to 2.0%. However, by adoption of this ordinance, the Borough Council may increase the 2026 municipal budget by up to 3.5% over the prior year’s final appropriations. The additional 1.5% increase is permitted by law when authorized by ordinance and is intended to address rising operational costs while continuing to provide essential municipal services.

This ordinance also establishes a “CAP Bank.” Any portion of the authorized 3.5% increase that is not used in the 2026 budget may be carried forward and utilized as an exception to the budget cap in either of the next two succeeding budget years, as permitted by State law.

Adoption of this ordinance provides the Borough with financial flexibility to manage current and future budgetary needs while remaining in compliance with applicable State statutes.

 

 

 

 

Attest:

Michelle Hack, RMC

Borough Clerk