[Added 5-13-2008 by Ord. No. 2008:09]
This article shall be known as the "Parsippany-Troy Hills Property Taxpayers’ Protection Act."
A. 
No total operating appropriation of the current year municipal budget shall result in a percentage increase in appropriations in excess of the prior year's budget appropriations for such operating expenses that exceeds the rate of inflation as measured by the index for the prior calendar year.
B. 
For purposes of calculating the percentage increase herein, the total operating appropriations of both the prior year and current year municipal budget shall be adjusted, to the extent applicable, to exclude the following expenditures:
(1) 
Insurance and employee benefit premiums;
(2) 
Solid waste and sanitary sewer disposal fees;
(3) 
Salaries or other employee benefits pursuant to any statute, contractual obligation, or any order of any court or administrative agency of competent jurisdiction;
(4) 
Operating repairs and maintenance necessary to ensure the safety, health and welfare of the municipality and its employees; and
(5) 
Any damages, judgments, fines, penalties, settlements or payments of a similar nature in excess of existing insurance coverage and any other appropriations deemed by the State of New Jersey to be excluded from limitations on increases (caps) pursuant to the Local Budget Law, N.J.S.A. 40A:4-1 et seq., as may be amended by the Legislature from time to time.
As used in this article, the following terms shall have the meanings indicated:
INDEX
The consumer price index for urban wage earners and clerical workers (CPI-W) published by the United States Department of Labor, Bureau of Labor Statistics for New York, New York - Northeastern, New Jersey, or any successor index.
NON-OPERATING APPROPRIATIONS
All expenses of the current year municipal budget that are not operating expenses.
OPERATING APPROPRIATIONS
All expenses incurred in the ordinary and necessary course of maintaining the municipal operations, the definition of which is to be applied consistent with the concepts adopted by the Governmental Accounting Standards Board.