FILED 1/15/2022
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Budget Year Ending
December 31
(Month D-D)
2021
(Year)
Name:
Paige Elster
Title:
Address:
25 West End Avenue
Somerville, NJ 08876
Phone:
908-725-2300 ext. 1974
Email:
pelster@somervillenj.org
CFO Cert #:
N865
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 | $10,235,000.00 | $10,235,000.00 | $0.00 |
| Total Bonds and Notes for Regional School Purposes | $ | $ | $0.00 |
| Total Bonds and Notes for all Utilities | $5,020,500.00 | $5,020,500.00 | $0.00 |
| Municipal/County General Obligations | $25,942,326.00 | $1,735,149.72 | $24,207,176.28 |
| Total | $41,197,826.00 | $16,990,649.72 | $24,207,176.28 |
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 | |||
|---|---|---|---|
| (1) | 2019 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,281,276,233.00 |
| (2) | 2020 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,347,944,245.00 |
| (3) | 2021 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,392,519,810.00 |
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………
$1,340,580,096.00
Net Debt expressed as a percentage of such equalized valuation basis is: %
1.806%