Print Page   |   Sign In   |   Register
Search
Calendar

10/27/2017
The Northern Area Financial Summit

Latest News
Share |

Legislative Update

 

This afternoon the GFOA of NJ was on site with the Governor as he signed A-3424, which will reinstate the 2% cap on interest arbitration awards and help provide needed relief for our taxpayers, into law.  The law takes effect immediately and is retroactive to April 2, 2014.  The extension of the cap was the League’s top legislative priority for the first half of 2014.
 
The 2-percent limit on raises first became law in 2010 as part of the state’s effort to limit the growth of property taxes. The law expired this year at the end of March.
 
The bill passed unanimously in the Assembly and Senate earlier this month. Christie signed the original arbitration cap into law in 2010, the same year he also approved a 2 percent limit on hikes in local property tax levies. Both caps were major pieces of his platform to address New Jersey’s property tax bills, which are perennially among the highest in the country.
 
The negotiated cap extension, among more minor changes, removes the “one and done” provision of the previous law, which required unions and arbitrators to adhere to the limit only once – after a union followed the 2 percent cap one time, it didn’t have to the next time it went to arbitration.

 

 

Want the latest GFOANJ News?

Make sure you are signed up for our emails  and check the website weekly  for all the information you need to know!

 

Sign In
Sign In securely
Latest News