Vernon approves lower cap bank

Vernon /
| 23 Apr 2021 | 04:05

Vernon. The Vernon Township Council agreed on April 12 to establish a 2.5 percent cap bank.

The original ordinance called for a 3.5 percent cap bank. But after objections from residents and some council members, the cap bank was reduced to 2.5 percent.

The township’s chief financial officer, Donelle Bright, said on March 23 that the banked cap is a tool the township can use if it needs to make an emergency appropriation for an unexpected expense, such as a repair to the township’s new fire truck.

Any banked cap will expire in three years.

Mayor Howard Burrell initially said he favored leaving the cap bank at 3.5 percent but suggested a compromise of 2.5 percent.