Ridgewood’s capital budget process scrutinized
Tuesday October 8, 2013, 10:32 AM
BY DARIUS AMOS
STAFF WRITER
The Ridgewood News
In light of the pending approval of a general capital ordinance, Ridgewood’s recently formed Financial Advisory Committee hopes to change how capital funds are appropriated and spent in future years.
The Village Council this month will consider adoption of three ordinances to designate funds that will pay for capital improvements in the village as well as upgrades required by the water department and parking utility. The total general capital budget, which will fund various departmental purchases and projects, is north of $3.4 million.
According to Chief Finance Officer Stephen Sanzari, the capital budget “is necessary to make the appropriations and designation for the funding source of the capital projects.” The approval of the capital budget does not equate to the council’s authorization of the actual purchase or expenditure.
Capital expenditures are often described as long-term investments that require notable sums of money and labor, such as road work and repair. In comparison, the operating budget provides an outline of a municipality’s cash flow for its day-to-day operations, such as paying employee salaries.
https://www.northjersey.com/news/226902961_Ridgewood_s_capital_budget_process_scrutinized.html
