February 28, 2014
Re: State Aid Certifications for CY 2014/SFY 2015 & April 2014 Pensions Bills
Yesterday, the Division of Local Government Services issued Local Finance Notice 2014-4 announcing that no municipality will receive less total State formula aid for its CY 2014 or FY 2015 budget than it received in the prior year based on the Governor’s proposed FY 2015 State budget. They also announced that the municipal State Aid certifications are now available at www.nj.gov/dca/divisions/dlgs/resources/stateaid_rpts.shtml. A final payment schedule for formula aid will be provided in July, prior to the first payment on August 1.
In addition, the Division noted that it is expected that the Division of Pensions will soon be issuing revised PFRS and PERS pensions bills due on April 1. It is anticipated that there will be reductions based on pending actuarial analysis. Until such time as new bills are issued by the Division, local governments should refrain from submitting their pension payments, and proceed with budget introductions based on earlier pension bill information posted by the Division of Pensions. For those municipalities that already paid their pension bills, overpayments will be refunded by the Division of pensions. We will notify you as soon as the revised pension bills are announced.
Finally, the Division will consider budgets introduced on the first regularly scheduled council meeting after March 14 as having been timely introduced. However, applicants for either Transitional Aid or Essential Service Grants must have their budgets introduced by application deadlines.
If you have any questions or need additional information please contact Lori Buckelew, Senior Legislative Analyst, at 609-695-3481 x 112 or email@example.com.
Very truly yours,
William G. Dressel, Jr.