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2017 Annual Debt Statement

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ISSUED: 1/24/2018

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Executive Summary

This document presents the Annual Debt Statement for Little Egg Harbor Township, New Jersey, as of December 31, 2017, and was prepared on January 24, 2018. It details the township's gross debt, deductions, and net debt across various categories, including local and regional school purposes, utilities, and municipal general obligations. The statement includes a breakdown of bonds and notes, equalized valuation basis, and computations for regional school district debt.

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--- Document: 2017 Annual Debt Statement Document ---
Page 1 of 11
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Little Egg Harbor Township - 2017
Date Prepared:
1/24/2018
Budget Year Ending
12/31/2017
(Month D-D)
2017
(Year)
Name:
Garrett Loesch
Phone:
609-296-7241
Title:
Administrator/CFO
Email:
loesch@leht.com
Address:
665 Radio Road
08087
Little Egg Harbor, NJ
US
CFO Cert 
#:
N-0869
Garrett Loesch, being duly sworn, deposes and says:  Deponent is the Chief Financial Officer of Little Egg Harbor Township 
- County of Ocean 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.

By checking this box, I am swearing that the above statement is true. (The Email function will not work until you 
acknowledge the above statement as true)
Gross Debt
Deduction
Net Debt
Total Bonds and Notes for Local School 
Purposes
$21,000,000.00
$21,000,000.00
$0.00
Total Bonds and Notes for Regional School 
Purposes
$43,740,801.25
$43,740,801.25
$0.00
Total Bonds and Notes for all Utilities
$
$
$0.00
Municipal/County General Obligations
$21,939,183.31
$0.00
$21,939,183.31
Total
$86,679,984.56
$64,740,801.25
$21,939,183.31
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
2015
Equalized Valuation Real Property with Improvements plus assessed valuation of 
Class II RR Property
$2,274,331,365.00
2016
Equalized Valuation Real Property with Improvements plus assessed valuation of 
Class II RR Property
$2,286,645,734.00
2017
Equalized Valuation Real Property with Improvements plus assessed valuation of 
Class II RR Property
$2,330,113,664.00
Equalized Valuation Basis - Average of (1), (2) and 
(3)………………………………………………………………………………
$2,297,030,254.33
Net Debt expressed as a percentage of such equalized valuation basis is:  %
0.955%


Page 2 of 11
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):
Type II
1.
Term Bonds
$
2.
Serial Bonds
            (a)   Issued
$21,000,000.00
            (b)   Authorized but not issued
$
3.
Temporary Notes
            (a)   Issued
$
            (b)   Authorized but not issued
$
4.
Total Bonds and Notes
$21,000,000.00
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.
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.
$
8.
% of average of 
equalized valuations
$2,297,030,254.33
2.50%
$57,425,756.36
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
9.
Additional State School Building Aid Bonds (NJSA 18A:58-
33.4(d))
10.
Total Potential Deduction
57,425,756.36
Total Allowable Deduction
21,000,000.00


Page 3 of 11
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
Pinelands Regional High School District
1.
TERM BONDS
$
2.
SERIAL BONDS
            (a)   Issued
$43,740,801.25
            (b)   Authorized but not issued
$
3.
 TEMPORARY BONDS AND NOTES
            (a)   Issued
$
            (b)   Authorized but not issued
$
4.
TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$43,740,801.25
NJSA 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 VALUTAIONS APPORTIONED TO EACH MUNICIPALITY
APPORTIONMENT OF DEBT – Dec. 31, 2013
Municipality
Average 
Equalized 
Valuations
%
Serial Bonds 
Issued
Temp. Bond – 
Notes Issued
Authorized But 
not Issued
Bass River Township
$173,027,880.33
5.580
90294
%
$3,294,853.48
$0.00
$0.00
Eagleswood Township
$231,357,840.33
7.462
29827
%
$4,405,591.65
$0.00
$0.00
Little Egg Harbor Township
$2,297,030,254.3
3
74.08
92327
8%
$43,740,801.25
$0.00
$0.00
Tuckerton Borough
$398,940,403.67
12.86
75660
1%
$7,596,753.62
$0.00
$0.00
Totals
$3,100,356,378.6
6
100.0
0%
$59,038,000.00
$
$


Page 4 of 11
BONDS AND NOTES FOR UTILITY FUND
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$
(b) Authorized but not issued
3.
Bond Anticipation Notes
(a) Issued
$
(b) Authorized but not issued
$
4.
Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
$
(b) Authorized but not issued
$
5.
Other
(a) Issued 
$
(b) Authorized but not issued
$
6.
Total
$
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 
Requirements
$
4.
Debt Service per Current Budget 
(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
$
7.
Total Deductions (Line 2 plus Line 6)
$
8.
Excess in Revenues (Line 1 minus Line 7)
$
9.
Deficit in Revenues (Line 7 minus Line 1)
$
10.
Total Debt Service (Line 6)
$
11.
Deficit (smaller of Line 9 or Line 10)
$
If Excess in Revenues (Line 8) all Utility 
Debt is Deductible
(a)
Gross  System Debt
$
(b)
Less:  Deficit (Capitalized at 5%), (Line 9 
or line 11)
$
 $-   times 20
(c)
Deduction
$
(d)
Plus: Cash held to Pay Bonds and Notes 
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$


Page 5 of 11
OTHER BONDS, NOTES AND LOANS
1.
Term Bonds
$
Total Term Bonds
$
2.
Serial Bonds (state purposes separately)
(a) Issued 
2010 General Obligation Refunding Bonds
$1,190,000.00
2012 General Obligation Refunding Bonds
$3,180,000.00
2017 General Obligation Bonds
$4,500,000.00
Total Serial Bonds Issued
$8,870,000.00
(b) Bonds Authorized but not Issued
$
Total Serial Bonds Authorized but not Issued
$
3.
Total Serial Bonds Issued and Authorized but not Issued
$8,870,000.00


Page 6 of 11
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4.
Bond Anticipation Notes
(a) Issued
Ord 2011-15 Various Capital Improvements (Tax-
Exempt)
$1,100,171.00
Ord 2013-14 Various Capital Improvements (Tax-
Exempt)
$1,924,829.00
Ord 2002-08 Improvements to Cherrywood Drive 
(Taxable)
$29,052.00
Ord 2002-14/36 Construction of Recreation Facilities 
(Taxable)
$39,325.00
Ord 2002-23 Acquisition of Land - Parker Run (Taxable)
$45,960.00
Ord 2003-07 Acquisition of Sport Utility Vehicles 
(Taxable)
$649.00
Ord 2005-19 Road Improvements - Various (Taxable)
$111,315.00
Ord 2007-04 Road and Drainage Improvements - 
North Burgee Drive (Taxable)
$161,052.00
Ord 2007-10 Acquisition of Garbage Truck (Taxable)
$152,000.00
Ord 2008-03 Acquisition and Installation of Automatic 
Doors for Handicap Access (Taxable)
$23,297.00
Ord 2008-04 Improvements to Lexington Drive
$374,850.00
Ord 2009-05 Improvements to Forest Edge Drive
$193,500.00
Ord 2009-06 Improvements to Frog Pond Road
$198,000.00
Total Bond Anticipation Notes Issued
$4,354,000.00
(b) Authorized but not Issued
Ord 96-10/99-09 Satellite Repeaters & Logging 
Recorders
$250.00
Ord 99-23 Municipal Complex
$2,230.00
Ord 2000-05 Sewer Line Extension - Atlantis
$4,571.00
Ord 2002-22 Purchase of Street Sweeper
$80.00
Ord 2007-25 Acquisition of Land
$1,282,500.00
Ord 2009-06 Improvements to Frog Pond Road
$170,498.00
Ord 2014-10 Various Capital Improvements
$1,871,500.00
Ord 2016-05 Various Capital Improvements
$3,320,250.00
Ord 2017-08 Various Capital Improvements
$1,619,750.00
Total Bond Anticipation Notes Authorized but not 
Issued
$8,271,629.00
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$12,625,629.00


Page 7 of 11
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
Green Acres Trust Loans
$443,554.31
Miscellaneous Bonds, Notes and Loans Issued
$443,554.31
(b) Authorized but not Issued
$
Miscellaneous Bonds and Notes Authorized but not 
Issued
$
Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but not 
Issued
$443,554.31
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized but 
not Issued
$21,939,183.31


Page 8 of 11
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
$0.00


Page 9 of 11
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 11
SPECIAL DEBT STATEMENT BORROWING POWER
AVAILABLE UNDER NJSA 40A:2-7(f)
1.
Balance of debt incurring capacity December 31, 2012 
(NJSA 40:1-16(d))
$
2.
Obligations heretofore authorized during 2013 in
excess of debt limitation and pursuant to:
(a)
NJSA 40A:2-7, paragraph (d)
$
(b)
NJSA 40A:2-7, paragraph (f)
$
(c)
NJSA 40A:2-7, paragraph (g)
$
Total
$0.00
3.
Less 2012 authorizations repealed during 2013
$
4.
Net authorizations during 2013
$
5.
Balance of debt incurring capacity December 31, 2013 
(NJSA 40:1-16(d))
$0.00


Page 11 of 11
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
$