Share of Authority Debt Service Costs Levy Cap Exception - 12/15/2011

Local Finance Notice 2011-36 has specific and immediate applicability to municipalities (and possibly some counties) and authorities that have service agreements between them that provides for debt service guarantees of authority debt by the municipality or county.  The Notice directs that in those circumstances when guaranteed debt service of an authority increases, the increased amount is treated as a (2010) Levy Cap Exclusion.  Details concerning authority certification and treatment in the levy cap workbook are reviewed in the Notice.  The Notice should be carefully reviewed and shared with appropriate staff as it applied immediately to CY 2012 budgets. 

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