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Executive Summary
The document is the Annual Debt Statement for Surf City Borough, New Jersey, for the budget year ending December 31, 2024. It provides a detailed breakdown of the borough's gross debt, deductions, and net debt, including bonds and notes for local school purposes, regional school purposes, utilities, and municipal/county general obligations. The statement also includes the equalized valuation basis used to calculate the net debt percentage.
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--- Document: 2024 Statement Document --- FILED 12/31/2024 State of New Jersey Department of Community Affairs *Official* Surf City Borough - 2024 Budget Year Ending Michael Gross Annual Debt Statement Date Prepared: 12/31/2024 December 31 (Month D-D) 2024 (Year) Phone: Email: 609-494-2400 mgross@surfcitynj.org CFO Cert #: N1576 Name: Title: Chief Financial Officer Address: 813 Long Beach Boulevard Surf City, NJ 08008 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 $1,682,867.40 $1,682,867.40 $0.00 Municipal/County General Obligations $4,343,895.47 $36,683.33 $4,307,212.14 Total $6,026,762.87 $1,719,550.73 $4,307,212.14 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) 2022 valuation of Class II RR Property $2,639,665,651.00 Equalized Valuation Real Property with Improvements plus assessed (2) 2023 valuation of Class II RR Property $3,095,431,763.00 Equalized Valuation Real Property with Improvements plus assessed (3) 2024 valuation of Class II RR Property $3,370,195,905.00 Equalized Valuation Basis - Average of (1), (2) and (3). $3,035,097,773.00 Net Debt expressed as a percentage of such equalized valuation basis is: % 0.142% 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 $ $ $ $ $ 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 9. equalized valuations $3,035,097,773.00 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% $75,877,444.33 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 $0.00 $75,877,444.33 $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. (a) Issued TEMPORARY BONDS AND NOTES (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, 2024 Municipality % Serial Bonds Issued Temp. Bond - Authorized But Notes Issued not Issued Barnegat Light Borough $1,675,796,862.33 4.92807937% $0.00 $0.00 $0.00 Beach Haven Borough $3,633,238,382.67 10.68440187% $0.00 $0.00 $0.00 Harvey Cedars Borough $2,022,930,596.33 5.94890870% $0.00 $0.00 $0.00 Long Beach Township $14,073,212,917.67 41.38563081% $0.00 $0.00 $0.00 Ship Bottom Borough $2,304,959,756.00 6.77828255% $0.00 $0.00 $0.00 Stafford Township $7,259,834,171.67 21.34926960% $0.00 $0.00 $0.00 Surf City Borough $3,035,097,773.00 8.92542710% $0.00 $0.00 $0.00 Totals $34,005,070,459.67 100.00% $ $ $ 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 DEВТ % OF VALUATIONS APPORTIONED TO EACH MUNICIPALITY Average Equalized Valuations APPORTIONMENT OF DEBT – Dec. 31, 2024 Municipality % Serial Bonds Issued Temp. Bond - Authorized But Notes Issued not Issued Barnegat Light Borough $1,675,796,862.33 7.25076590% $0.00 $0.00 $0.00 Harvey Cedars Borough $2,022,930,596.33 8.75272923% $0.00 $0.00 $0.00 Long Beach Township $14,073,212,917.67 60.89137328% $0.00 $0.00 $0.00 Ship Bottom Borough $2,304,959,756.00 9.97300089% $0.00 $0.00 $0.00 Surf City Borough $3,035,097,773.00 13.13213070% $0.00 $0.00 $0.00 Totals $23,111,997,905.33 100.00% $ $ $ 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 $1,682,867.40 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 $1,682,867.40 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 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) $25,000.00 $ $ $ $3,605,504.78 $2,616,521.22 (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) 8. Excess in Revenues (Line 1 minus Line 7) $2,641,521.22 $963,983.56 9. Deficit in Revenues (Line 7 minus Line 1) 10. Total Debt Service (Line 6) 11. Deficit (smaller of Line 9 or Line 10) $0.00 $25,000.00 $0.00 If Excess in Revenues (Line 8) all Utility Debt is Deductible (a) Gross Water & Sewer System Debt $1,682,867.40 (b) Less: Deficit (Capitalized at 5%), (Line 9 or line 11) $0.00 $-0.00 times 20 (c) Deduction $1,682,867.40 (d) Plus: Cash held to Pay Bonds and Notes included in 2 (a) above $ (e) Total Deduction (Deficit in revenues) $1,682,867.40 (f) NonDeductible Combined GO Debt $ Total Allowable Deduction $1,682,867.40 Page 5 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 Page 6 of 12 $ $ $ $ $ $ $0.00 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 Acquisition of Trash Truck $250,000.00 Total Bond Anticipation Notes Issued $500,000.00 (b) Authorized but not Issued 2020 Road Improvements $362,487.55 2021 Road Improvements $191,555.00 Acquisition of Ambulance $285,000.00 Acquisition of Beach Patrol Vehicle $38,000.00 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 $82,500.00 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 Beach Replenishment $126,463.23 Removal of Underground Storage Tank $118,750.00 Repair & Replacement of Various Bulkheads & Related Expenses $201,717.45 Road Reconstruction & Improvements $760,000.00 Road Reconstruction & Improvements $225,907.61 Road Reconstruction & Improvements $665,000.00 Various Capital Improvements & Equipment Acquisition for Beach and Recreation Areas $166,020.00 Various Improvements to Municipal Building $285,000.00 Total Bond Anticipation Notes Authorized but not Issued $3,843,895.47 5. Total Bond Anticipation Notes Issued and Authorized but not Issued $4,343,895.47 Page 7 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 $4,343,895.47 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 $ $ $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, 2023 (N.J.S.A. 40:1-16(d)) 2. Obligations heretofore authorized during 2024 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 2023 authorizations repealed during 2024 4. Net authorizations during 2024 5. Balance of debt incurring capacity December 31, 2024 (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 $ $ $ $
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First Discovered
Apr 2, 2026
Last Info Update
Apr 2, 2026
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