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2020 Statement

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ISSUED: 2/1/2021

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VALUE: TBD

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Executive Summary

This document is the Annual Debt Statement for Surf City Borough, New Jersey, for the budget year ending December 31, 2020. Prepared on February 1, 2021, by Chief Financial Officer Michael Gross, the statement details the borough's debt condition as of the specified date. It includes information on gross debt, deductions, and net debt for various categories, including local and regional school purposes, utilities, and municipal general obligations.

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--- Document: 2020 Statement Document ---
FILED 2/10/2021
State of New Jersey
Department of Community Affairs
Annual Debt Statement
*Official* Surf City Borough - 2020
Budget Year Ending
Name:
Michael Gross
Title:
Chief Financial Officer
Address: 813 Long Beach Boulevard
Surf City, NJ 08008
Date Prepared:
2/1/2021
December 31
(Month D-D)
Phone:
Email:
2020
(Year)
609-494-2400
mgross@surfcitynj.org
CFO Cert #: N1576
Michael Gross, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Surf City Borough -
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
$0.00
$0.00
$0.00
Total Bonds and Notes for Regional
School Purposes
$0.00
$0.00
$0.00
Total Bonds and Notes for all Utilities
$735,000.00
$735,000.00
$0.00
Municipal/County General Obligations
$2,117,063.61
$36,683.33
$2,080,380.28
Total
$2.852.063.61
$771,683.33
$2,080,380.28
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)
2018
valuation of Class II RR Property
$1,796,388,695.00
Equalized Valuation Real Property with Improvements plus assessed
(2)
2019
valuation of Class II RR Property
$1,869,232,958.00
Equalized Valuation Real Property with Improvements plus assessed
(3)
2020
valuation of Class II RR Property
$1,956,193,646.00
Equalized Valuation Basis - Average of (1), (2) and (3).
$1,873,938,433.00
Net Debt expressed as a percentage of such equalized valuation basis is: %
0.111%
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 I
$
$0.00
$0.00
$0.00
$0.00
$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.
9.
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.
% of average of
equalized valuations
$1,873,938,433.00
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
$
2.50%
$46,848,460.83
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
$46,848,460.83
$0.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.
TERM BONDS
2.
SERIAL BONDS
(a) Issued
(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
Southern Regional School District
$
$
$
$
$
$0.00
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
Average Equalized
Valuations
APPORTIONMENT OF DEBT - Dec. 31, 2020
Municipality
%
Serial Bonds
Issued
Temp. Bond -
Authorized But
Notes Issued
not Issued
Barnegat Light
Borough
$1,042,389,125.67 4.80691719%
$0.00
$0.00
$0.00
Beach Haven
Borough
$2,298,549,480.67 10.59962805%
$0.00
$0.00
$0.00
Harvey Cedars
Borough
$1,274,833,133.67 5.87881930%
$0.00
$0.00
$0.00
Long Beach
Township
$9,010,423,670.67 41.55104787%
$0.00
$0.00
$0.00
Ship Bottom Borough
$1,465,749,450.67
6.75921886%
$0.00
$0.00
$0.00
Stafford Township
$4,719,306,687.00
21.76280997%
$0.00
$0.00
$0.00
Surf City Borough
$1,873,938,433.00
8.64155875%
$0.00
$0.00
$0.00
Totals
$21,685,189,981.35
100.00%
$0.00
$0.00
$0.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.
TERM BONDS
2.
SERIAL BONDS
(a) Issued
(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
Long Beach Island Consolidated School District
$
$
$
$
$
$0.00
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
MUNICIPALITY
Average Equalized
Valuations
APPORTIONMENT OF DEBT - Dec. 31, 2020
%
Serial Bonds
Issued
Temp. Bond -
Authorized But
Notes Issued
not Issued
Barnegat Light
Borough
Harvey Cedars
Borough
$1,042,389,125.67 7.10687531%
$0.00
$0.00
$0.00
$1,274,833,133.67
8.69164873%
$0.00
$0.00
$0.00
Long Beach
Township
$9,010,423,670.67 61.43191247%
$0.00
$0.00
$0.00
Ship Bottom Borough
$1,465,749,450.67
9.99329169%
$0.00
$0.00
$0.00
Surf City Borough
$1,873,938,433.00 12.77627179%
$0.00
$0.00
$0.00
Totals
$14,667,333,813.68
100.00%
$0.00
$0.00
$0.00
Page 4 of 12
BONDS AND NOTES FOR UTILITY FUND
Water & Sewer
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$
(b) Authorized but not issued
$735,000.00
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
$735,000.00
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
$3,088,361.00
$2,325,000.00
$
$
$
$
(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
$0.00
7.
Total Deductions (Line 2 plus Line 6)
8.
Excess in Revenues (Line 1 minus Line 7)
$2,325,000.00
$763,361.00
9.
Deficit in Revenues (Line 7 minus Line 1)
$0.00
10. Total Debt Service (Line 6)
11. Deficit (smaller of Line 9 or Line 10)
$0.00
$0.00
If Excess in Revenues (Line 8) all Utility
Debt is Deductible
(a) Gross Water & Sewer System Debt
$735,000.00
(b) Less: Deficit (Capitalized at 5%), (Line 9
or line 11)
$0.00
$-0.00 times 20
(c) Deduction
$735,000.00
(d) Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
(e) Total Deduction (Deficit in revenues)
(f) Non Deductible Combined GO Debt
Total Allowable Deduction
$
$735,000.00
$
Page 5 of 12
$735,000.00
OTHER BONDS, NOTES AND LOANS
1.
Term Bonds
Total Term Bonds
2. Serial Bonds (state purposes separately)
(a) Issued
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 6 of 12
$
$
$
$
$
$
$0.00
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4. Bond Anticipation Notes
5.
(a) Issued
2020 Road Improvement Project N 3rd & 4th Sts.
$593,750.00
Beach Replenishment
$177,500.00
Acquisition of Trash Truck
$32,000.00
Acquisition of Trash Truck
$29,231.00
Acquisition of Beach Rake
$13,997.36
Acquisition of Fire Apparatus & Related Equipment
$130,000.00
Reconstruction/Resurfacing of Various Streets
$12,000.00
Reconstruction/Reseurfacing of Various Streets
$125,335.25
Acquisition of Trash Truck
$20,000.00
Removal of Underground Storage Tank
$118,750.00
Repair/Resurfacing of Various Roads
$42,500.00
Repair & Replacement of Various Bulkheads &
Related Expenses
$62,000.00
Repair/Resurfacing of Various Roads & Related
Expenses
$380,000.00
Replacement/Repair of Various Bulkheads
$380,000.00
Total Bond Anticipation Notes Issued
(b) Authorized but not Issued
Total Bond Anticipation Notes Authorized but not
Issued
Total Bond Anticipation Notes Issued and Authorized but not Issued
Page 7 of 12
$
$2,117,063.61
$
$2,117,063.61
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
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
$0.00
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
$2,117,063.61
Page 8 of 12
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 for Debt Service
$36,683.33
(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
$36,683.33
$
$
(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
S
$
$36,683.33
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, 2019
(N.J.S.A. 40:1-16(d))
2. Obligations heretofore authorized during 2020 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 2019 authorizations repealed during 2020
4. Net authorizations during 2020
5. Balance of debt incurring capacity December 31, 2020
(N.J.S.A. 40:1-16(d))
Page 11 of 12
$
$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
S
$
$
$