§ 75-6. Budget.

A. 

The District Management Corporation shall submit a detailed annual budget for approval by resolution of the Council. The budget shall be submitted with a report which explains how the budget contributes to the goals and objectives of the special improvement district.

B. 

The budget shall be introduced, approved, amended and adopted by resolution passed by not less then a majority of the full membership of the Council. The procedure shall be as follows:

(1) 

Introduction and approval;

(2) 

Public advertising;

(3) 

Public hearing;

(4) 

Amendments and public hearings, if required;

(5) 

Adoption.

C. 

The budget shall be introduced in writing at a meeting of the Council. Approval thereof shall constitute a first reading which may be by title. Upon approval of the budget by the governing body, it shall fix the time and place for the holding of a public hearing upon the budget.

D. 

The budget shall be advertised after approval. The advertisement shall contain a copy of the budget and shall set forth the date, the time and place of the hearing. It shall be published at least 10 days prior to the date fixed therefor in a newspaper circulating in the Borough of Netcong.

E. 

No budget shall be adopted until a public hearing has been held thereof and all persons having an interest therein shall have been given an opportunity to present objections. The hearing shall be held not less than 28 days after approval of the budget.

F. 

The public hearing shall be held at the time and place specified in the advertisement thereof, but may be adjourned from time to time until the hearing is closed. The budget as advertised shall be read at the public hearing in full or it may be read by its title, if:

(1) 

At least one week prior to the date of the hearing a complete copy of the approved budget, as advertised:

(a) 

Shall be posted in a public place where public notices are customarily posted in the Municipal Building of the Borough of Netcong; and

(b) 

Is made available to each person requesting the same, during that week and during the public hearing; and

(2) 

The Council shall, by resolution passed by no less than a majority of the full membership, determine that the budget shall be read by its title and declare that the condition set forth in Subsection F(1) have been met. After closing the hearing, the Council may adopt the budget, by title without amendments, or may approve amendments as provided in Subsection G of this section before adoption.

G. 

The Council may amend the budget during or after the public hearing. No amendment by the Council shall be effective until taxpayers and all persons having an interest therein shall have been granted a public hearing thereon if the amendment shall:

(1) 

Add a new item in an amount in excess of 1% of the total amount as stated in the approved budget; or

(2) 

Increase or decrease an item by more than 10%; or

(3) 

Increase the amount to be raised pursuant to Section 16 of P.L. 1972, c. 134 (N.J.S.A. 40:56-80) or Section 19 of P.L. 1984, c. 151 (N.J.S.A. 40:56-85) by more than 5% unless the same is made pursuant to an emergency temporary appropriation only. Notice of hearing on an amendment shall be advertised at least three days before the date set therefor. The amendment shall be published in full in the same manner as an original publication and shall be read in full at the hearing and before adoption.

[Amended 12-12-2013 by Ord. No. 2013-15]

H. 

Final adoption shall be by resolution, adopted by a majority of the full membership of the Council and may be by title.