Bill > A674

Introduced Session

The bill moves liability insurance, worker's compensation insurance, cyber insurance, and property insurance costs outside of the budget appropriation and property tax levy caps for certain local units. N.J.S.A.40A:4-45.3 requires that a municipality limit appropriation increases to 2.5 percent or the cost-of-living adjustment, whichever is less, over the previous year's final appropriations, but provides for certain exceptions. The bill would add liability insurance, worker's compensation insurance, cyber insurance, and property insurance costs to an existing list of allowable exceptions for the first three years after enactment of the bill. N.J.S.A.40A:4-45.45 concerns the preparation of a local unit's budget with respect to the amount to be raised by taxation. The bill would allow local units to raise funds from property taxpayers for the purpose of liability insurance, worker's compensation insurance, cyber insurance, and property insurance costs by making these purposes an exclusion from the property tax levy cap for the first three years after the effective date of the bill.

AI Summary

Committee Categories

Sean Kean (R)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 01/09/2024)

Official Document