Category Archives: Local Finance Board/DLGS

Detroit Bankruptcy Filing Totally Irresponsible

by Matthew D. Jessup on July 24, 2013

Editor’s Note:  The following was written by Edward J. McManimon, a partner and founder of McManimon, Scotland & Baumann, LLC.  Ed wrote the following after repeated requests for his views from various State organizations and media outlets.  On July 18, 2013, the City of Detroit, Michigan filed for bankruptcy under Chapter 9 of the U.S. […]

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Sequestration Affects Build America Bond Issuers

by Matthew D. Jessup on March 6, 2013

The talk-of-the-town the past two weeks in Washington DC and around the country has been about sequestration. You can’t turn on the television or “open” a newspaper on your iPad without hearing about it. The federal budget cuts that took effect March 1, 2013 affect defense spending, air traffic controllers, and now even tours at […]

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Local Finance Board Releases Questionnaire for Applicants Seeking Tax Appeal and Other Approvals

by Matthew D. Jessup on July 18, 2012

The Local Finance Board (Board) has released a questionnaire for all municipal and county applicants seeking approval of the Board to: 1. Long-term finance tax appeals; 2. Long-term finance certain emergencies; and 3. Issue bonds pursuant to a non-conforming maturity schedule. The four-page questionnaire is being used by the Board to help assess whether the […]

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Retroactive Financing of Tax Appeals – A New Tool for Municipalities

by Matthew D. Jessup on January 19, 2012

It’s no secret that municipalities have been hit hard by the ongoing recession. One source of significant financial stress is the amount of money that municipalities are required to pay to residents as a result of tax appeals. As real estate values continue to decline, successful tax appeals continue to rise, forcing municipalities to pay […]

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Local Finance Board Paving the Way to Faster Refundings

by Matthew D. Jessup on December 15, 2011

Yesterday, the Local Finance Board (Board) took the first step in establishing a new rule that would allow municipalities and counties to issue refunding bonds and capture debt service savings on an expedited basis. This is a significant development, as timing is everything when it comes to refundings, particularly in this volatile economic market. The […]

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Additional Tax Appeal Relief Has Arrived

by Matthew D. Jessup on September 30, 2011

The Division of Local Government Services indicated today that municipalities may, for the first time, finance with refunding bonds or notes the amount owed to a taxpayer as a result of a successful tax appeal and applied as a credit against future taxes to be paid by such taxpayer (taxpayer credits). Previously, municipalities were able to […]

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The New 2 Percent “Cap” and . . . the Rahway Valley Sewerage Authority

by Matthew D. Jessup on November 29, 2010

There I was on the Saturday morning after Thanksgiving, enjoying a cup of coffee and reading my local newspaper, when an open letter from Cranford, New Jersey’s Mayor-Elect Dan Ashenbach caught my attention.  Addressed to Governor Chris Christie and Senator Tom Kean, Jr., the Mayor-Elect pleads that a majority of the service fee paid by […]

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The New 2 Percent Cap and . . . Police Cars

by Matthew D. Jessup on November 19, 2010

Earlier this week, I joined hundreds of mayors, administrators, finance officers and others in attending a session at the New Jersey League of Municipalities entitled, “Budget and Audit Updates – Understanding the Process”.  The session was hosted by Clinton Mayor Christine Schaumburg and featured panelists Director Tom Neff, Marc Pfeiffer and Tina Zapicchi, all of […]

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The New 2 Percent Cap and . . .

by Matthew D. Jessup on October 21, 2010

The New Jersey Legislature recently enacted P.L. 2010, c.44, better known as the 2 Percent Property Tax Levy Cap Law, or the 2 Percent Cap.  The law is Governor Chris Christie’s attempt to bring property tax relief to the long-overtaxed residents of New Jersey. The 2 Percent Cap prevents New Jersey municipalities from raising property […]