S2070

TRENTON – The Senate and the General Assembly have granted final legislative approval to a measure sponsored by Senator Nicholas J. Sacco that is designed to enable public libraries with healthy budget surpluses to aid municipalities that are starved for revenue in the struggling economy.

“Many libraries are holding an enormous surplus, a good deal of which came from the municipality to begin with,” said Senator Sacco (D-Bergen/Hudson). “Given the fact that many municipalities are now struggling due to a loss in revenue and state aid brought on by the recession, this bill will allow one healthy partner in the community to help out the struggling partner. Ultimately, this measure will help provide relief for property taxpayers while still protecting municipal libraries that are not as financially stable as others.”

TRENTON – The Senate Budget and Appropriations Committee today approved a measure sponsored by Senator Nicholas J. Sacco that is designed to enable public libraries with healthy budget surpluses to aid municipalities that are starved for revenue in the struggling economy.

“Many libraries are holding surpluses in excess of 100 percent of their current budget, a good deal of which comes from a municipality to begin with,” said Senator Sacco (D-Bergen/Hudson). “At the same time, many municipalities have been hit hard by the recession and a loss in state aid. I like to think of this measure as a marriage – with one partner in the community helping the other in sickness and in health. This bill is intended to provide relief for property taxpayers while protecting municipal libraries that are not as financially stable as others.”