[R.O. 1966 § 10:4-1]
The fiscal policy of the City Council as heretofore established is hereby continued. The fiscal policy shall be to:
a. 
Reduce borrowing from surplus to pay in the future for today's cost of government.
b. 
Eliminate the practice of transfer of unexpended and uncommitted budgetary appropriations.
c. 
Require each agency of government to live within its allowed annual appropriation for each specified budget request.
d. 
Maintain a minimum cash surplus of 10% of the annual tax levy.
e. 
Establish a revolving capital improvement fund with a minimum of $750,000.
f. 
Provide closer checks and balances on the number and the salaries and wages provided budgetarily for all personnel.
g. 
Confine services of all employees to the agency in which their budgetary appropriation is approved.
h. 
Control borrowings by note and bond by holding net debt within $100 per capita.
i. 
Install and maintain functional system of budgeting to produce a unit cost of operation.
j. 
Produce a five year capital program and capital budget which shall be adjusted annually at budget time.
k. 
Create a realistic approach to our investment of surplus reserve and trust funds.
l. 
Prepare a true detailed budget designed to eliminate deficit budgeting, deficit spending and overexpenditure.
[Ord. 6 S+FK, 9-21-88]
It is the policy of the City of Newark that minority business enterprises ("MBE") and women's business enterprises ("WBE") shall have the maximum opportunity to participate in the performance of City contracts. The City's affirmative action goal seeks to achieve a minimum of 25% participation by MBE/WBE firms in the management group or underwriting syndicate. Bidders are requested to make a good-faith effort to meet this goal by either joint venturing with MBE/WBE firms or including such firms in their management group or underwriting syndicate. For such purpose a MBE/WBE firm is a firm (1) that is at least 51% owned by one or more minority persons or women or, in the case of any firm whose stock is publicly held, at least 51% of the stock is owned by one or more minority persons or women and (2) whose management and daily business operations are controlled by one or more minority persons or women.
In order to be eligible as a minority business, a business must be a sole proprietorship, partnership or corporation at least 51% of which is owned and controlled by persons who are minorities as defined in accordance with R.O. 2:2-28.3f.
In order to be eligible as a female business, a business must be a sole proprietorship, partnership or corporation at least 51% of which is owned and controlled by women.
The Director of Finance shall establish procedures to insure that the management group and/or underwriting syndicate comply with this policy including the submission of an application, a disclosure certificate, and an affidavit attesting that the firm is 51% owned and controlled by one or more minority persons or women.
[Ord. 6 S+FK, 9-21-88]
It is the goal of the City of Newark that minority business enterprises ("MBE") shall be provided with an opportunity to bid for a minimum of 25% of the City's aggregate debt obligations or lease-purchase obligations. The MBE may bid as a single underwriter or as an underwriting syndicate. For such purpose a MBE is a firm (1) that is at least 51% owned by one or more minority persons or, in the case of any firm whose stock is publicly held, at least 51% of the stock is owned by one or more minority persons and (2) whose management and daily business operations are controlled by one or more minority persons.
In order to be eligible as a minority business, a business must be a sole proprietorship, partnership, or corporation at least 51% of which is owned and controlled by minorities as defined in accordance with P.L. 1985 C.482. (N.J.S. 40A:11-4l et seq.)
The Director of Finance shall establish procedures to insure that the underwriting firm and/or underwriting syndicate comply with this policy including the submission of an application, a disclosure certificate, and an affidavit attesting that the firm is 51% owned and controlled by one or more minority persons.
[Ord. 6 S+FK, 9-21-88]
The Director of Finance shall submit an annual report to the Municipal Council by January 31 of each year describing the City's effort in attaining the affirmative action goals and the set-aside goals and the percentage of the dollar value of debt obligation underwritten by MBE and WBE.