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2023 Annual Debt Statement

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ISSUED: 1/31/2024

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VALUE: TBD

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Executive Summary

This document is the Annual Debt Statement for Little Egg Harbor Township, New Jersey, for the budget year ending December 31, 2023. Prepared on January 31, 2024, the statement provides a comprehensive overview of the township's debt condition, including details on bonds and notes for local and regional school purposes, utilities, and other municipal obligations. The net debt is expressed as 1.149% of the equalized valuation basis.

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--- Document: 2023 Annual Debt Statement Document ---
FILED 6/18/2024
State of New Jersey
Department of Community Affairs
Annual Debt Statement
*Official* Little Egg Harbor Township - 2023
Date Prepared:
1/31/2024
Budget Year Ending
December 31
(Month D-D)
2023
(Year)
Name:
Rodney Haines
Phone:
609-296-7241
Title:
CMFO
Email:
rhaines@leht.com
Address:
665 Radio Road
Little Egg Harbor, NJ 08087
CFO Cert #:
N-1714
Rodney Haines, 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.
Gross Debt
Deduction
Net Debt
Total Bonds and Notes for Local School 
Purposes
$14,600,000.00
$14,600,000.00
$0.00
Total Bonds and Notes for Regional 
School Purposes
$36,387,283.02
$36,387,283.02
$0.00
Total Bonds and Notes for all Utilities
$
$
$0.00
Municipal/County General Obligations
$38,060,224.00
$950,879.03
$37,109,344.97
Total
$89,047,507.02
$51,938,162.05
$37,109,344.97
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
(1)
2021
Equalized Valuation Real Property with Improvements plus assessed 
valuation of Class II RR Property
$2,754,884,837.00
(2)
2022
Equalized Valuation Real Property with Improvements plus assessed 
valuation of Class II RR Property
$3,245,768,387.00
(3)
2023
Equalized Valuation Real Property with Improvements plus assessed 
valuation of Class II RR Property
$3,684,666,819.00
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………
$3,228,440,014.33
Net Debt expressed as a percentage of such equalized valuation basis is:  %
1.149%


Page 2 of 11
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):
1.
Term Bonds
$
2.
Serial Bonds
            (a)   Issued
$14,600,000.00
            (b)   Authorized but not issued
$
3.
Temporary Notes
            (a)   Issued
$
            (b)   Authorized but not issued
$
4.
Total Bonds and Notes
$14,600,000.00
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
$3,228,440,014.33
2.50%
$80,711,000.36
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 (N.J.S.A. 18A:58-
33.4(d))
$
10.
Total Potential Deduction
$80,711,000.36
Total Allowable Deduction
$14,600,000.00


BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
Pinelands Regional School Distrct
1.
TERM BONDS
$
2.
SERIAL BONDS
            (a)   Issued
$36,387,283.02
            (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
$36,387,283.02
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, 2023
Municipality
Average Equalized 
Valuations
%
Serial Bonds 
Issued
Temp. Bond – 
Notes Issued
Authorized But 
not Issued
Bass River Township
$206,521,316.00
4.82769272%
$2,327,672.04
$0.00
$0.00
Eagleswood 
Township
$284,061,578.67
6.64029284%
$3,201,617.19
$0.00
$0.00
Little Egg Harbor 
Township
$3,228,440,014.33
75.46880229%
$36,387,283.02
$0.00
$0.00
Tuckerton Borough
$558,824,249.67
13.06321215%
$6,298,427.74
$0.00
$0.00
Totals
$4,277,847,158.67
100.00%
$48,215,000.00
$
$


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 
2023A General Improvement Bonds
$2,835,000.00
2023B Special Assessment Bonds
$9,020,000.00
2017 GO Bonds
$2,200,000.00
2019 GO Bonds
$4,100,000.00
Total Serial Bonds Issued
$18,155,000.00
(b) Bonds Authorized but not Issued
$
Total Serial Bonds Authorized but not Issued
$
3.
Total Serial Bonds Issued and Authorized but not Issued
$18,155,000.00


Page 6 of 11
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4.
Bond Anticipation Notes
(a) Issued
2019-11 Preliminary Expenses Dredging Projects
$361,000.00
2020-02 Paving and Improve Various Roads
$209,000.00
2020-09 Beach Replenishment
$2,802,500.00
2020-14 Township-wide Drainage Projects
$432,250.00
2021-02 Acquisition Various Public Works Equipment
$712,500.00
2021-06 Renovations and Improve Rec Complex
$1,900,000.00
Total Bond Anticipation Notes Issued
$6,417,250.00
(b) Authorized but not Issued
2013-14 Various Capital Improvements
$8,215.05
2014-10 Various Capital Improvements
$357,500.00
2018-13 Various Capital Improvements
$273,150.00
2020-03 Improvements to the Community Center
$61,750.00
2020-10 Mystic Drainage Improvements Phase II
$
2021-18 Mystic Drainage Improvements Phase II
$86,848.00
2022-07 Various road Improvements
$1,425,000.00
2023-03 
Acquisition of Various Public Works 
Equipment
$950,000.00
2023-17 Various Improvements to the Recreation 
Complex
$1,570,000.00
2023-29 Paving Improvements to Various Roads
$1,900,000.00
2023-30 Pedestrian Safety Improvements to Oak Lane
$900,000.00
2023-31 Township-wide Drainage Projects
$456,000.00
2023-33 Mystic Island Drainage Improvements Phase 
III
$3,800,000.00
Total Bond Anticipation Notes Authorized but not 
Issued
$11,788,463.05
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$18,205,713.05


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
18-08 NJEIT Twin Lakes Blvd Drainage
$1,631,604.12
2005 Green Trust Municipal Complex
$22,860.00
2006 Green Trust - Construction of Softball Field & 
Tot Lot
$45,046.83
Miscellaneous Bonds, Notes and Loans Issued
$1,699,510.95
(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
$1,699,510.95
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized 
but not Issued
$38,060,224.00


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
Reserve to Pay Debt
$950,879.03
$950,879.03
(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
$950,879.03


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 N.J.S.A. 40A:2-7(f)
1.
Balance of debt incurring capacity December 31, 2022
(N.J.S.A. 40:1-16(d))
$
2.
Obligations heretofore authorized during 2023 in
excess of debt limitation and pursuant to:
(a)
N.J.S.A. 40A:2-7, paragraph (d)
$
(b)
N.J.S.A. 40A:2-7, paragraph (f)
$
(c)
N.J.S.A. 40A:2-7, paragraph (g)
$
Total
$0.00
3.
Less 2022 authorizations repealed during 2023
$
4.
Net authorizations during 2023
$
5.
Balance of debt incurring capacity December 31, 2023 
(N.J.S.A. 40:1-16(d))
$0.00


Page 11 of 11
Obligations NOT Included in Gross Debt
1.
Capital Leases and Other Commitments
2020 General Obligation Assessment Bonds
$2,625,000.00
Total Leases and Other Comittments
$2,625,000.00
2.
Guarantees NOT included in Gross Debt – Public 
and Private
$
Total Guarantees NOT included in Gross Debt – 
Public and Private
$