June 16, 2014
RE: ASSEMBLY PASSES A-3424, EXTENSION OF INTEREST ARBITRATION CAP
This afternoon the Assembly unanimously passed A-3424 , which will reinstate the 2% cap on interest arbitration awards and help provide needed relief for our taxpayers.
A-3424 encompasses the Governor's veto of the initial Interest Arbitration cap bill (See our March 27 Dear Mayor Letter ) with the significant addition of compounding the 2% cap for each subsequent year of the agreement before the arbitrator. With this provision, awards will be compounded from the previous year and not be a straight-line increase from the first year of the contact.
Unless the cap is reinstated, excessive arbitration awards could force local governments throughout the State to further reduce or even eliminate crucial services, personnel, and long overdue infrastructure improvement projects.
We thank and commend the sponsors of this important legislation, Assembly Speaker Prieto, Assemblymen Greenwald, Singleton, and Burzichelli for their continued leadership at arriving at this fair and reasonable compromise. We also thank Minority Leader Bramnick and Assemblyman O'Scanlon for their support.
WE ARE OPTIMISTIC THAT THE SENATE WILL CONSIDER THIS BILL AT THEIR NEXT SENATE VOTING SESSION, THURSDAY, JUNE 19. PLEASE CONTACT YOUR SENATOR AND URGE THEM TO VOTE YES ON A-3432.
Questions on this legislation can be directed to either Lori Buckelew at 609-695-3481 or email@example.com x112 or Mike Cerra at 609-695-3481 x120 or firstname.lastname@example.org.
Very truly yours,
William G. Dressel, Jr.