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2024 Annual Debt Statement (PDF)

BID #: N/A

ISSUED: 1/28/2025

DUE: TBD

VALUE: TBD

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Executive Summary

This document is the 2024 Annual Debt Statement for Hightstown Borough, New Jersey, prepared as of January 28, 2025, and filed on January 30, 2025. It details the borough's gross debt, deductions, and net debt across various categories, including local and regional school purposes, utilities, and municipal/county general obligations. The statement also provides information on equalized valuation basis and net debt expressed as a percentage of such basis.

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--- Document: 2024 Annual Debt Statement (PDF) Document ---
FILED 1/30/2025
State of New Jersey
Department of Community Affairs
Annual Debt Statement
*Official* Hightstown Borough - 2024
Date Prepared:
1/28/2025
Budget Year Ending
December 31
(Month D-D)
2024
(Year)
Name: Donna Condo
Title:
Address: 156 Bank Street
Phone:
Email:
cfo@hightstownborough.com
Hightstown, NJ 08520
CFO Cert #: N-0689
Donna Condo, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Hightstown Borough
County of Mercer here and in the statement hereinafter mentioned called the local unit. This Annual Debt
Statement is a true statement of the debt condition of the local unit as of the date therein stated above and is
computed as provided by the Local Bond Law of New Jersey.
Gross Debt
Deduction
Net Debt
Total Bonds and Notes for Local School
Purposes
$0.00
$0.00
$0.00
Total Bonds and Notes for Regional
School Purposes
$1,335,661.23
$1,335,661.23
$0.00
Total Bonds and Notes for all Utilities
$12,486,568.53
$9,228,153.73
$3,258.414.80
Municipal/County General Obligations
$9,540,533.88
$0.00
$9,540,533.88
Total
$23,362,763.64
$10,563,814.96
$12,798,948.68
Equalized valuation basis (the average of the equalized valuations of real estate, including improvements and the assessed
valuation of class II railroad property of the local unit for the last 3 preceding years).
Year
Equalized Valuation Real Property with Improvements plus assessed
(1)
2022
valuation of Class II RR Property
$534,602,123.00
Equalized Valuation Real Property with Improvements plus assessed
(2)
2023
valuation of Class II RR Property
$576,643,697.00
Equalized Valuation Real Property with Improvements plus assessed
(3)
2024
valuation of Class II RR Property
$659,530,592.00
Equalized Valuation Basis - Average of (1), (2) and (3)..
$590,258,804.00
Net Debt expressed as a percentage of such equalized valuation basis is: %
2.168%
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):
1.
Term Bonds
2.
Serial Bonds
(a) Issued
(b) Authorized but not issued
3.
Temporary Notes
(a) Issued
(b) Authorized but not issued
4.
Total Bonds and Notes
Type II
$
$
$
$
$
$0.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SCHOOL PURPOSES
Amounts held or to be held for the sole purpose of paying bonds and notes included above.
5.
Sinking funds on hand for bonds shown as Line 1 but not in excess of
such bonds.
$
6.
Funds on hand in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes included in Line
4.
$
7.
8.
Estimated proceeds of bonds and notes authorized but not issued
where such proceeds will be used for the sole purpose of paying bonds
and notes included in Line 4.
$
9.
% of average of
equalized valuations
$590,258,804.00
Use applicable per centum as follows:
2.50% Kindergarten or Grade 1 through Grade 6
3.00% Kindergarten or Grade 1 through Grade 8
3.50% Kindergarten or Grade 1 through Grade 9
4.00% Kindergarten or Grade 1 through Grade 12
4.00%
$23,610,352.16
Additional State School Building Aid Bonds (N.J.S.A. 18A:58-
33.4(d))
10. Total Potential Deduction
Total Allowable Deduction
$
Page 2 of 12
$23,610,352.16
$0.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
East Windsor Regional School District
1.
TERM BONDS
2.
SERIAL BONDS
(a) Issued
3.
(b) Authorized but not issued
TEMPORARY BONDS AND NOTES
(a) Issued
(b) Authorized but not issued
4. TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$
$1,335,661.23
$
$
$
$1,335,661.23
N.J.S.A. 40A:2-43 reads in part as follows: "Gross debt of a municipality shall also include that amount of the total of all
the bonds and notes issued and authorized but not issued by any school district including the area of the municipality, which
results from the application to such total of the ratio which the equalized valuation basis of the municipality bears to the
sum of the equalized valuation basis of each municipality in any such school district."
COMPUTATION OF REGIONAL AND/OR
CONSOLIDATED SCHOOL DISTRICT DEBT
% OF VALUATIONS APPORTIONED TO EACH
MUNICIPALITY
APPORTIONMENT OF DEBT - Dec. 31, 2024
Municipality
Average Equalized
Valuations
East Windsor
Township
$4,047,718,270.00
Hightstown Borough
Totals
$4,637,977,074.00
%
Serial Bonds
Issued
Temp. Bond -
Authorized But
Notes Issued
not Issued
87.27335658%
$590,258,804.00 12.72664342%
$9,159,338.77
$0.00
$0.00
$1,335,661.23
$0.00
$0.00
100.00%
$10,495,000.00
$
$
BONDS AND NOTES FOR UTILITY FUND
Water & Sewer
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$845,000.00
(b) Authorized but not issued
$
3.
Bond Anticipation Notes
(a) Issued
$1,278,000.00
(b) Authorized but not issued
$7,117,481.00
4.
Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
$
(b) Authorized but not issued
$
5.
Other
(a) Issued
$3,246,087.53
(b) Authorized but not issued
$
6.
Total
$12,486,568.53
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SELF-LIQUIDATING PURPOSES
Self-Liquidating Utility Calculation
1.
Total Cash Receipts from Fees, Rents or
Other Charges for Year
2.
Operating and Maintenance Cost
3.
Debt Service
(a)
Interest
(b) Notes
(c) Serial Bonds
(d) Sinking Fund
4.
Requirements
Debt Service per Current Budget
$3,126,236.26
$2,666,649.00
$137,700.15
$14,000.00
$470,807.85
$
(N.J.S.A. 40A:2-52)
(a) Interest on Refunding
Bonds
$
(b) Refunding Bonds
$
5.
Anticipated Deficit in Dedicated
Assessment Budget
$
6. Total Debt Service
$622,508.00
7.
Total Deductions (Line 2 plus Line 6)
$3,289,157.00
8.
Excess in Revenues (Line 1 minus Line 7)
$0.00
9.
Deficit in Revenues (Line 7 minus Line 1)
$162,920.74
10.
Total Debt Service (Line 6)
$622,508.00
11.
Deficit (smaller of Line 9 or Line 10)
$162,920.74
If Excess in Revenues (Line 8) all Utility
Debt is Deductible
(a)
Gross Water & Sewer System Debt
$12,486,568.53
(b)
Less: Deficit (Capitalized at 5%), (Line 9
or line 11)
$3,258,414.80
$-162,920.74 times 20
(c)
Deduction
$9,228,153.73
(d)
Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$9,228,153.73
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$9,228,153.73
Page 4 of 12
OTHER BONDS, NOTES AND LOANS
1. Term Bonds
Total Term Bonds
2. Serial Bonds (state purposes separately)
(a) Issued
General Improvement Bonds 2018
Total Serial Bonds Issued
(b) Bonds Authorized but not Issued
Total Serial Bonds Authorized but not Issued
3. Total Serial Bonds Issued and Authorized but not Issued
Page 5 of 12
$
$
$2,800,000.00
$
$2,800,000.00
$
$2,800,000.00
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4. Bond Anticipation Notes
(a) Issued
22-21 Various Capital Improvements
23-02 Improvements to Maxwell Avenue
23-12 Various Capital Improvements
20-05 Improvements to Various Roads
$600,000.00
$100,000.00
$350,000.00
$273,000.00
20-15 Various Capital Improvements
$100,000.00
22-11 Improvements to Various Roads
$90,000.00
21-02 Improvements to Various Roads
$800,000.00
13-23 Road Improvements to Park Avenue, Greeley St.
and Glen Brook Dr
$11,250.00
15-07 Road Improvements to Park Way, Grant St. and
Hutchison Street
$9,300.00
15-15 Improvements to Stockton Street and Joseph St.
$228,000.00
17-09 Stockton St Curbs and Sidewalks
$284,200.00
17-17 Improvements to Maple Avenue and Sunset
Avenue
$295,200.00
18-18 Various Capital Improvements - Public Safety
18-20 Improvements to Lincoln Ave., Hagemount
$163,900.00
Ave. and rocky Brook Ct
$89,400.00
19-10 New Municipal Complex
$443,000.00
19-20 Acquisition of Police, Fire and Public Works
Vehicles and Equipment
$159,000.00
22-23 Various Road Improvements
$84,750.00
Total Bond Anticipation Notes Issued
$4,081,000.00
(b) Authorized but not Issued
05-24,09-13 Peddie Lake Dam Improvements
09-20 Stockton Street Improvements
10-02 Reconstruction of Leshin Lane
10-16 Summit Street Sidewalk Improvements
$550.00
$16,899.57
$13,000.00
$526.45
12-04 Hurricane Irene Damage Emergency
$625.25
12-13 Various Capital Improvements
$500.00
13-07,15-14,19-04 Imp. to Peddie Lake Dam Walking
Bridge
$8,702.67
13-23,15-06 Road Improvements to Park Ave., Greeley
St. & Glen Brook Pl.
$15,210.00
14-06 Various Capital Improvements including
Document Restoration
$9,334.00
15-07 Road Improvements to Park way, Grant St. &
Hutchison St.
$25,000.00
15-11 Acquistion of Aerial Ladder Truck
$300.00
15-15, 17-15 Improvements to Stockton St. & Joseph
St.
$294,856.15
16-12 Rehabilitation of East Ward St.
$90,000.00
17-09,21-10 Retaining Wall, First Ave. Improvements
$254,000.00
17-12 Police, Fire, DPW Court Equipment
$40.00
20-05 Springcrest, Spruce Ct. & Glen Drive
$250.00
21-02 Improvements Various Roads- Hauser Ave.
Bennet Pl., Railroad Ave. & Dey St.
$100,368.00
22-11 Improvements Various Roads- Orchard, Clover
& S Main
$260,000.00
22-21 Public Safety Improvements Police & Fire, Parks
& Recreation & E. Ward St. Bridge
$175,780.00
23-02 Improvements to Maxwell Ave.
$133,750.00
23-12 Various Capital Improvements
$57,600.00
24-04 Improvements to Summit St.
$376,290.00
24-12 Various Capital Improvements
$381,200.00
$393,300.00
24-16 Dawes Park Recreation Improvements
Page 6 of 12
Total Bond Anticipation Notes Authorized but not
Issued
$2,608,082.09
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$6,689,082.09
Page 7 of 12
OTHER BONDS, NOTES AND LOANS
MISCELLANEOUS BONDS, NOTES AND LOANS
(not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes)
6. Miscellaneous Bonds, Notes and Loans
(a) Issued
Peddie Lake Dam Restoration Loan
Miscellaneous Bonds, Notes and Loans Issued
(b) Authorized but not Issued
Miscellaneous Bonds and Notes Authorized but not
Issued
$51,451.79
Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but
not Issued
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
Page 8 of 12
$
$51,451.79
$51,451.79
$9,540,533.88
$
DEDUCTIONS APPLICABLE TO OTHER BONDS AND NOTES
1. Amounts held or to be held for the sole purpose of paying general bonds and
notes included
(a) Sinking funds on hand for term bonds
$
$
(b) Funds on hand (including proceeds of bonds and notes held to pay other
bonds and notes), in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes
$
$
(c) Estimated proceeds of bonds and notes authorized but not issued where
such proceeds will be used for the sole purpose of paying bonds and notes
$
$
(d) Accounts receivable from other public authorities applicable only to the
payment of any part of the gross debt not otherwise deductible
$
$
2.
Bonds authorized by another Public Body to be guaranteed by the
municipality
$
3.
Bonds issued and bonds authorized by not issued to meet cash grants-in-
aid for housing authority, redevelopment agency or municipality acting as
its local public agency [N.J.S.A. 55:14B-4.1(d)]
$
4.
Bonds issued and bonds authorized but not issued - Capital projects for
County Colleges (N.J.S.A. 18A:64A-22.1 to 18A:64A-22.8)
$
5.
Refunding Bonds (N.J.S.A. 40A:2-52)
Total Deductions Applicable to Other Bonds and Notes
Page 9 of 12
$
$
$0.00
BONDS AUTHORIZED/ISSUED BY ANOTHER PUBLIC BODY
TO BE GUARANTEED BY THE MUNICIPALITY
Total Bonds and Notes authorized/issued by another Public Body to be
guaranteed by the municipality
Page 10 of 12
$
$
SPECIAL DEBT STATEMENT BORROWING POWER
AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1. Balance of debt incurring capacity December 31, 2023
(N.J.S.A. 40:1-16(d))
2.
Obligations heretofore authorized during 2024 in
excess of debt limitation and pursuant to:
(b)
(a) N.J.S.A. 40A:2-7, paragraph (d)
N.J.S.A. 40A:2-7, paragraph (f)
$
$
(c) N.J.S.A. 40A:2-7, paragraph (g)
$
Total
3. Less 2023 authorizations repealed during 2024
4. Net authorizations during 2024
5. Balance of debt incurring capacity December 31, 2024
(N.J.S.A. 40:1-16(d))
Page 11 of 12
$
$0.00
$
$
$0.00
Obligations NOT Included in Gross Debt
1.
Capital Leases and Other Commitments
Total Leases and Other Comittments
2. Guarantees NOT included in Gross Debt - Public
and Private
Total Guarantees NOT included in Gross Debt -
Public and Private
Page 12 of 12
$
$
$
$