Commissioners had a lot of financial matters on the meeting agenda for March 24.
At the meeting, commissioners passed an ordinance on first reading to preserve a cap bank, should they need it. They also approved resolutions to make emergency temporary appropriations for the borough budget and approved the introduction to the 2015 Business Improvement Budget made by the Partnership for Haddonfield.
The bank cap ordinance allows the borough to bank the difference of banked cap if the borough doesn’t go up to it. According to the ordinance, Haddonfield is allowed to increase its budget to 3.5 percent over the previous year’s final appropriations. If the borough decides not to go up to that 3.5 percent increase, it can save whatever it doesn’t use in the bank for later use, up to two years. This ordinance was made in advance to be prepared for such an occurrence, however it shall not be determined until the final budget is passed.
“Each year, the state of New Jersey allows municipalities to preserve what they call cap bank. We have a cap on appropriations, an appropriation cap. We are only allowed to increase spending by so much each year, and the difference, the amount that we don’t use increasing appropriations, is reserved in the bank in case we might need it in a year or two later. This is an ordinance to preserve our cap bank so if need be in the next two years, we have to look into appropriations above cap bank, we have this amount banked,” Mayor Jeff Kasko said.
The second reading and public hearing on the ordinance will be at the next meeting in April.
The resolution for emergency temporary appropriations is for the borough to make accommodations to pay for some items for the 2015 budget, which hasn’t yet been approved due to the state moving the approval date. The borough is expected to enter in contracts, commitments or payments prior to the budget, and no adequate provision has been made in the temporary budget for the those purposes. The total emergency temporary appropriation resolutions adopted in this resolution totaled $4.5 million.
“Another financial resolution we are required to do from time to time. This year, the state has moved back the date of the introduction of the borough budget, which, I believe, we will share in April. We passed a temporary budget for January, February and March, and this is an additional appropriation to get us through the next month or two until we finally introduce and pass our permanent annual budget,” Kasko said.
The board of directors of PfH has submitted its annual budget for the year in accordance with the enabling ordinance. The PfH expects a budget totaling $372,300. Its revenue includes PfH assessment, Crafts and Fine Arts Festival income, appropriated surplus and PfH merchandise sales. Expenses include marketing and public relations, retail recruitment and retention, PfH administration, committee for professionals, the Information Center and visual enhancements.
The budget of the PfH as introduced was approved on first reading and a public hearing is scheduled for Tuesday, April 28, at 7:30 p.m. in Room 102 of the Borough Hall. If anyone wants a more detailed copy of the budget, it is available at the clerk’s office in borough hall.
The next Board of Commissioner’s meeting will be on Tuesday, April 14 at 7:30 p.m. in Borough Hall.
