FILED 1/23/2024
State of New Jersey
Department of Community Affairs
Annual Debt Statement
*Official* Somerville Borough - 2023
Date Prepared:
1/16/2024
Budget Year Ending
December 31
(Month D-D)
2023
(Year)
Name:
Paige Elster
Phone:
908-725-2300 ext. 1974
Title:
Email:
pelster@somervillenj.org
Address:
25 West End Avenue
CFO Cert #:
N865
Somerville, NJ 08876
Paige Elster, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Somerville Borough - County of Somerset 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 | $6,905,000.00 | $6,905,000.00 | $0.00 |
| Total Bonds and Notes for Regional School Purposes | $ | $ | $0.00 |
| Total Bonds and Notes for all Utilities | $ | $ | $0.00 |
| Municipal/County General Obligations | $24,149,904.60 | $543,709.35 | $23,606,195.25 |
| Total | $31,054,904.60 | $7,448,709.35 | $23,606,195.25 |
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 | $1,392,519,810.00 |
| (2) | 2022 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,531,746,679.00 |
| (3) | 2023 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,657,602,527.00 |
Equalized Valuation Basis - Average of (1), (2) and (3)………………………………………………………………
$1,527,289,672.00
Net Debt expressed as a percentage of such equalized valuation basis is: %
1.546%