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2023 Annual Debt Statement

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ISSUED: 1/24/2024

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Executive Summary

The document is the 2023 Annual Debt Statement for Middlesex Borough, New Jersey, as of December 31, 2023. It provides a detailed overview of the borough's gross debt, deductions, and net debt across various categories, including local school purposes, regional school purposes, utilities, and municipal general obligations. The statement includes calculations of equalized valuation basis, debt percentages, and breakdowns of bonds and notes for different purposes, along with applicable deductions and relevant financial data.

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--- Document: 2023 Annual Debt Statement Document ---
FILED 1/24/2024
State of New Jersey
Department of Community Affairs
Annual Debt Statement
*Official* Middlesex Borough - 2023
Date Prepared:
1/16/2024
Budget Year Ending
December 31
(Month D-D)
2023
(Year)
Name:
Title:
Caroline Benson
Phone:
Email:
CFO Cert #: N-1829
732-356-7400
cbenson@middlesexboro-nj.gov
Address: 1200 Mountain Ave
Middlesex, NJ 08846
Caroline Benson, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Middlesex
Borough - County of Middlesex 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
$6,610,000.00
$6,610,000.00
$0.00
Total Bonds and Notes for Regional
School Purposes
$
$
$0.00
Total Bonds and Notes for all Utilities
$434,330.00
$184,893.80
$249,436.20
Municipal/County General Obligations
$17,386,494.59
$174,956.70
$17,211,537.89
Total
$24,430,824.59
$6,969,850.50
$17,460,974.09
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)
2021
valuation of Class II RR Property
$1,902,821,062.00
Equalized Valuation Real Property with Improvements plus assessed
(2)
2022
valuation of Class II RR Property
$2,077,941,507.00
Equalized Valuation Real Property with Improvements plus assessed
(3)
2023
valuation of Class II RR Property
$2,324,028,172.00
Equalized Valuation Basis - Average of (1), (2) and (3)..
$2,101,596,913.67
Net Debt expressed as a percentage of such equalized valuation basis is: %
0.831%
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
$
$6,610,000.00
$
$
$
$6,610,000.00
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.
9.
% of average of
equalized valuations
$2,101,596,913.67
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%
$84,063,876.55
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 11
$
$84,063,876.55
$6,610,000.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.
TERM BONDS
2.
SERIAL BONDS
(a) Issued
(b) Authorized but not issued
(a) Issued
3. TEMPORARY BONDS AND NOTES
(b) Authorized but not issued
4. TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$
$
$
$
$
$
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
Totals
MUNICIPALITY
Average Equalized
Valuations
APPORTIONMENT OF DEBT - Dec. 31,
%
Serial Bonds
Issued
Temp. Bond -
Authorized But
Notes Issued
not Issued
%
$
$
$
%
$
$
$
BONDS AND NOTES FOR UTILITY FUND
Swimming Pool
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$278,000.00
(b) Authorized but not issued
$156,330.00
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
$434,330.00
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
(N.J.S.A. 40A:2-52)
$465,186.19
$399,130.00
$
$
$78,528.00
$
(a) Interest on Refunding
Bonds
$
(b) Refunding Bonds
$
5.
Anticipated Deficit in Dedicated
Assessment Budget
$
6.
Total Debt Service
$78,528.00
7.
Total Deductions (Line 2 plus Line 6)
$477,658.00
8.
Excess in Revenues (Line 1 minus Line 7)
$0.00
9.
Deficit in Revenues (Line 7 minus Line 1)
$12,471.81
10. Total Debt Service (Line 6)
$78,528.00
11.
Deficit (smaller of Line 9 or Line 10)
$12,471.81
If Excess in Revenues (Line 8) all Utility
Debt is Deductible
(a)
Gross Swimming Pool System Debt
$434,330.00
(b)
Less: Deficit (Capitalized at 5%), (Line 9
or line 11)
$249,436.20
$-12,471.81 times 20
(c)
Deduction
$184,893.80
(d)
Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$184,893.80
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$184,893.80
Page 4 of 11
OTHER BONDS, NOTES AND LOANS
$
$
1. Term Bonds
Total Term Bonds
2. Serial Bonds (state purposes separately)
(a) Issued
General Obligation Bonds of 2022
General Obligation Bonds - 2015
General Obligation Refunding Bonds - 2019
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
$4,755,000.00
$645,000.00
$1,505,000.00
$
Page 5 of 11
$6,905,000.00
$
$6,905,000.00
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4. Bond Anticipation Notes
5.
(a) Issued
Ordinance 2062-22 Various Capital Improvements
$1,636,292.00
Ordinance 2039-21 Various Capital Improvements
$1,498,194.00
Ordinance 1961-19 Various Capital Improvements
$57,800.00
Ordinance 1962-19 Bound Brook
$396,940.00
Ordinance 1975-19 Sewer Study and Improvements
$45,000.00
Ordinance 1979-19 Tax Maps, Various Capital
Improvements
$1,100,625.00
Ordinance 2002-20 Various Capital Improvements
Total Bond Anticipation Notes Issued
$1,442,149.00
(b) Authorized but not Issued
Ordinance 1808-12 Acquisition and Demolition of
Certain Flood Prone Properties
$34,334.53
Ordinance 1857-14 Improvements to Marlborough
Avenue
$4,823.27
Ordinance 1893-16 Various Capital Improvements
$1,049.82
Ordinance 1907-17 as amended by Ordinance 2040-21
Sanitary Sewer Improvements
$572,356.00
Ordinance 1922-17 Warrenville Road Improvements
$204,782.87
Ordinance 1924-17 George Ave Improvements
$10,440.00
Ordinance 2039-21 Various Capital Improvements
Ordinance 2062-22 Various Capital Improvements
Ordinance 2071-22 Acquisition of Presbyterian Church
Ordinance 2094-23 Acquisition of 302 Union Avenue
Ordinance 2095-23 Various Capital Improvements
Ordinance 2104-23 Mountainview Park Project
Total Bond Anticipation Notes Authorized but not
Issued
$1,359,350.00
$175,750.00
Total Bond Anticipation Notes Issued and Authorized but not Issued
$214.00
$578.00
$200,000.00
$475,000.00
Page 6 of 11
$6,177,000.00
$3,038,678.49
$9,215,678.49
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
NJ Infrastructure Bank Loan
$1,210,775.08
New Jersey Environmental Infrastructure Loans
$55,041.02
Miscellaneous Bonds, Notes and Loans Issued
(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
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
Page 7 of 11
$1,265,816.10
$1,265,816.10
$17,386,494.59
$
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
Excess BAN proceeds
Reserve for Debt Service
$28,376.49
$146,580.21
$174,956.70
(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 8 of 11
$
$
$174,956.70
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 9 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
3.
Less 2022 authorizations repealed during 2023
$0.00
$
4. Net authorizations during 2023
5. Balance of debt incurring capacity December 31, 2023
(N.J.S.A. 40:1-16(d))
Page 10 of 11
$
$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 11 of 11
$
$
$
$