Ordinance to establish a cap bank for budget appropriations.

PUBLIC NOTICETOWNSHIP OF CRANFORDCRANFORD, NEW JERSEYORDINANCE NO. 2026-13CALENDAR YEAR 2026ORDINANCE TO ESTABLISHA CAP BANK (N.J.S.A. 40A:4-45.14)WHEREAS, the Local Government CapLaw, N.J.S. 40A:4-45.1 et.seq., providesthat in the preparation of its annual budget,a municipality shall limit any increase insaid final budget appropriations to 2.00%unlessauthorizedbyordinancetoincreaseit to 3.5% over the previous years finalappropriations; and,WHEREAS, a municipality may, by ordi-nance, bank the difference between itsfinal budget appropriations and the 3.5%percentage rate as an exception to its finalappropriations when said difference is notappropriated as part of the final budget;and,WHEREAS, the Township Committeeof the Township of Cranford, County ofUnion, hereby determines that this differ-ence in the amount of $523,341.92 that isn