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NJ S2637
Bill
Status
Introduced
2/8/2024
Primary Sponsor
Anthony M. Bucco
Click for details
AI Summary
- Adds pension contribution increases exceeding 3.5% to the list of allowable exceptions to the 2.5% municipal appropriations cap in New Jersey
- Authorizes the Local Finance Board to permanently increase a municipality's appropriations cap base if the municipality has received fiscal distress waivers for at least two consecutive years
- Requires Director of the Division of Local Government Services approval for municipalities to add projected savings from interlocal or shared services agreements to their permissible expenditure calculations
- Lowers the health care cost exemption threshold from 4% to 3.5%, allowing municipalities to exempt health insurance expenditure increases above 3.5% of prior year costs
- Allows municipalities and counties to adjust their cap bases when assuming services previously provided by private or non-profit entities
Legislative Description
Allocates $2.5 billion to unemployment compensation fund from federal government assistance and halts increases in employer unemployment taxes related to benefits paid during coronavirus disease 2019 pandemic state of emergency.
Labor
Last Action
Introduced in the Senate, Referred to Senate Labor Committee
2/8/2024
Committee Referrals
Labor2/8/2024
Full Bill Text
No bill text available