The Division of Local Government Services has just released Local Finance Notice 2010-20 “ Calendar Year 2011 "1977" Budget Cap Cost of Living Adjustment.” This Notice provides information on the COLA for CY 2011 budgets under the appropriation and original county levy cap law will be two percent 2%.
Please note to prevent confusion between the different cap laws, the Division will now refer to the original municipal appropriation and county levy cap law, which took effect in 1977, and amended many times since then as the “1977” law. The 2% cap levy will be referred to as “2010” law and the 4% cap levy will be referred to as “2007” law.
Additional information will be forthcoming from the DLGS on the “2010” Levy Cap Law.
