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2023 Statement

BID #: N/A

ISSUED: 12/30/2023

DUE: TBD

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, 2023. It outlines the borough's gross debt, deductions, and net debt across various categories including local school purposes, regional school purposes, utilities, and municipal/county general obligations. The statement was prepared on December 30, 2023, and filed on January 2, 2024, detailing the debt condition as computed under the Local Bond Law of New Jersey.

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--- Document: 2023 Statement Document ---
FILED 1/2/2024
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Surf City Borough - 2023
Date Prepared:
12/30/2023
Budget Year Ending
December 31
(Month D-D)
2023
(Year)
Name:
Michael Gross
Phone:
609-494-2400
Title:
Chief Financial Officer
Email:
mgross@surfcitynj.org
Address:
813 Long Beach Boulevard
Surf City, NJ 08008
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
$543,252.40
$543,252.40
$0.00
Municipal/County General Obligations
$4,342,100.54
$36,683.33
$4,305,417.21
Total
$4,885,352.94
$579,935.73
$4,305,417.21
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
$2,200,088,817.00
(2)
2022
Equalized Valuation Real Property with Improvements plus assessed 
valuation of Class II RR Property
$2,639,665,651.00
(3)
2023
Equalized Valuation Real Property with Improvements plus assessed 
valuation of Class II RR Property
$3,095,431,763.00
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………
$2,645,062,077.00
Net Debt expressed as a percentage of such equalized valuation basis is:  %
0.163%


Page 2 of 12
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
$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.
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
$2,645,062,077.00
2.50%
$66,126,551.93
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
$66,126,551.93
Total Allowable Deduction
$0.00


BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
Southern 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
$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
APPORTIONMENT OF DEBT – Dec. 31, 2023
Municipality
Average Equalized 
Valuations
%
Serial Bonds 
Issued
Temp. Bond – 
Notes Issued
Authorized But 
not Issued
Barnegat Light 
Borough
$1,388,005,602.00
4.62583067%
$0.00
$0.00
$0.00
Beach Haven 
Borough
$3,141,643,960.33
10.47021206%
$0.00
$0.00
$0.00
Harvey Cedars 
Borough
$1,737,549,830.00
5.79076287%
$0.00
$0.00
$0.00
Long Beach 
Township
$12,678,416,565.00
42.25358180%
$0.00
$0.00
$0.00
Ship Bottom Borough
$2,008,338,089.67
6.69322366%
$0.00
$0.00
$0.00
Stafford Township
$6,406,526,659.67
21.35114404%
$0.00
$0.00
$0.00
Surf City Borough
$2,645,062,077.00
8.81524489%
$0.00
$0.00
$0.00
Totals
$30,005,542,783.67
100.00%
$
$
$


Page 4 of 12
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
Long Beach Island Consolidated 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
$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
APPORTIONMENT OF DEBT – Dec. 31, 2023
Municipality
Average Equalized 
Valuations
%
Serial Bonds 
Issued
Temp. Bond – 
Notes Issued
Authorized But 
not Issued
Barnegat Light 
Borough
$1,388,005,602.00
6.78486753%
$0.00
$0.00
$0.00
Harvey Cedars 
Borough
$1,737,549,830.00
8.49351430%
$0.00
$0.00
$0.00
Long Beach 
Township
$12,678,416,565.00
61.97480529%
$0.00
$0.00
$0.00
Ship Bottom Borough
$2,008,338,089.67
9.81718509%
$0.00
$0.00
$0.00
Surf City Borough
$2,645,062,077.00
12.92962779%
$0.00
$0.00
$0.00
Totals
$20,457,372,163.67
100.00%
$
$
$


Page 5 of 12
BONDS AND NOTES FOR UTILITY FUND
Water & Sewer
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$
(b) Authorized but not issued
$543,252.40
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
$543,252.40
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
$3,472,734.52
2.
Operating and Maintenance Cost
$2,530,000.00
3.
Debt Service
(a)
Interest
$25,000.00
(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
$25,000.00
7.
Total Deductions (Line 2 plus Line 6)
$2,555,000.00
8.
Excess in Revenues (Line 1 minus Line 7)
$917,734.52
9.
Deficit in Revenues (Line 7 minus Line 1)
$0.00
10.
Total Debt Service (Line 6)
$25,000.00
11.
Deficit (smaller of Line 9 or Line 10)
$0.00
If Excess in Revenues (Line 8) all Utility 
Debt is Deductible
(a)
Gross Water & Sewer System Debt
$543,252.40
(b)
Less:  Deficit (Capitalized at 5%), (Line 9 
or line 11)
$0.00
 $- 0.00  times 20
(c)
Deduction
$543,252.40
(d)
Plus: Cash held to Pay Bonds and Notes 
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$543,252.40
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$543,252.40


Page 6 of 12
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
$0.00


Page 7 of 12
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4.
Bond Anticipation Notes
(a) Issued
Repair & Replacement of Various Bulkheads & 
Related Expenses
$250,000.00
Total Bond Anticipation Notes Issued
$250,000.00
(b) Authorized but not Issued
2020 Road Improvements
$593,750.00
2021 Road Improvements
$284,600.00
Acquisition of Beach Rake
$13,997.36
Acquisition of Fire Apparatus & Related Equipment
$37,352.67
Acquisition of Livescan Machine
$4,547.00
Acquisition of Police Vehicle
$61,750.00
Acquisition of Trash Truck
$332,500.00
Acquisition of Trash Truck
$32,000.00
Acquisition of Trash Truck
$29,231.00
Acquisition of Trash Truck
$14,116.60
Acquisition of Various Beach Equipment
$142,500.00
Acquisition of Various Beach Equipment
$7,988.74
Beach Replenishment
$126,463.23
Removal of Underground Storage Tank
$118,750.00
Repair & Replacement of Various Bulkheads & 
Related Expenses
$380,000.00
Repair/Resurfacing of Various Roads & Related 
Expenses
$226,250.00
Road Reconstruction & Improvements
$760,000.00
Road Reconstruction & Improvements
$375,283.94
Various 
Capital 
Improvements 
& 
Equipment 
Acquisition for Beach and Recreation Areas
$266,020.00
Various Improvements to Municipal Building
$285,000.00
Total Bond Anticipation Notes Authorized but not 
Issued
$4,092,100.54
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$4,342,100.54


Page 8 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
$
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
$4,342,100.54


Page 9 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
$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
$
$
(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
$36,683.33


Page 10 of 12
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 11 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, 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 12 of 12
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
$