S.2637

Modifies municipal budget limitations and appropriations cap.

Revises the statutory limitations on municipal appropriations, allowing municipalities to add certain expenditures to their final appropriations when transitioning appropriations from non-limited to limited status. It also permits the Local Finance Board to authorize municipalities experiencing fiscal distress to permanently add surplus to their appropriations cap base. Additionally, the bill expands the exceptions to the spending limitation, including increases in pension contributions and accrued liability for pension contributions exceeding 3.5 percent.