FILED 1/25/2025
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Budget Year Ending
December 31
(Month D-D)
2024
(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 | $5,125,000.00 | $5,125,000.00 | $0.00 |
| Total Bonds and Notes for Regional School Purposes | $ | $ | $0.00 |
| Total Bonds and Notes for all Utilities | $0.00 | $0.00 | $0.00 |
| Municipal/County General Obligations | $22,901,371.71 | $647,159.35 | $22,254,212.36 |
| Total | $28,026,371.71 | $5,772,159.35 | $22,254,212.36 |
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) | 2022 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,531,746,679.00 |
| (2) | 2023 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,657,602,527.00 |
| (3) | 2024 | Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property | $1,821,391,900.00 |
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………
$1,670,247,035.33
Net Debt expressed as a percentage of such equalized valuation basis is: %
1.332%