WANTAGE — The Wantage Committee unanimously passed an ordinance to establish a Cap Bank of 3.5 percent on Thursday, April 10
At the committee's next meeting on April 24, Wantage will introduce its proposed 2014 budget of $6,390,796 for a public hearing. The proposed 2014 budget amount is $216,098 less than the 2013 budget.
According to New Jersey state law, when a municipal government limits an increase of 0.5 percent from one calendar year to the next, the township may bank 3.5 percent of the prior year budget to allow more flexibility. State law also stipulates the cap bank be adopted before the adoption of the budget.
Wantage will bank $124,413 to be used within the next two years in case of emergency.