{"id":5494,"date":"2021-03-25T18:41:37","date_gmt":"2021-03-25T23:41:37","guid":{"rendered":"https:\/\/www.teanecktoday.com\/blog\/?p=5494"},"modified":"2022-02-08T21:11:20","modified_gmt":"2022-02-09T02:11:20","slug":"current-bonding-across-local-municipalities","status":"publish","type":"post","link":"https:\/\/www.teanecktoday.com\/blog\/teaneck\/current-bonding-across-local-municipalities\/","title":{"rendered":"Current Bonding Across Local Municipalities"},"content":{"rendered":"<h2>How does Teaneck compare to surrounding areas in terms of bonding?<\/h2>\n<p>In the State of New Jersey, municipalities may bond up to the debt limit<a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/misc_docs\/local_bond_qualified_bond_11-09.pdf\"><sup>1<\/sup><\/a>, which is 3.5% of the equalized valuation<sup>2<\/sup>\u00a0of taxable real estate.<\/p>\n<p>In plain English: each town adds up the value of all their land, buildings, etc\u2026 averaged over the last three years.\u00a0 The limit they can bond is 3.5% of that number.\u00a0 And since the amount each town can bond is relative to their individual valuations, you get a metric that can be compared.<\/p>\n<p>The\u00a0<a href=\"https:\/\/www.teanecknj.gov\/finance-documents-forms\">annual debt statement<\/a>, allows you to compare neighboring municipalities\u2019 percentage of authorized debt, against each other.<br \/>\n<em>(The data below are pulled from the\u00a0<a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">authorized debt statements<\/a>\u00a0submitted to the State)<\/em><\/p>\n<h3>Here\u2019s how Teaneck looks, based on the\u00a0submitted annual debt statements\u00a0from Bergenfield, Bogota, Englewood, Hackensack and New Milford<\/h3>\n<p><a style=\"box-sizing: inherit; transition: all 0.3s ease 0s; text-decoration: none; background-color: transparent; color: #378fb4; border-bottom: 1px dotted; padding-bottom: 3px;\" title=\"\" href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021.jpg\" data-rel=\"lightbox-image-bGlnaHRib3gtaW1hZ2UtMA==\" data-rl_title=\"\" data-rl_caption=\"\" data-rl_title=\"\" data-rl_caption=\"\" data-sub-html=\"&lt;div class=&quot;lg-sub-title&quot;&gt;&lt;\/div&gt;&lt;div class=&quot;lg-sub-description&quot;&gt;&lt;\/div&gt;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-6546 size-medium\" src=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021-300x156.jpg\" alt=\"\" width=\"300\" height=\"156\" srcset=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021-300x156.jpg 300w, https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021-1024x531.jpg 1024w, https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021-768x399.jpg 768w, https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/03\/Debt-as-percentage-for-surrounding-towns-10-year-to-2021.jpg 1349w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<h2>Each link below will bring you to the Annual Debt Statement, filed under oath with the State of New Jersey.<\/h2>\n\n<table id=\"tablepress-16\" class=\"tablepress tablepress-id-16\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Year<\/th><th class=\"column-2\">Teaneck<\/th><th class=\"column-3\">Englewood<\/th><th class=\"column-4\">Bergenfield<\/th><th class=\"column-5\">Bogota<\/th><th class=\"column-6\">Hackensack<\/th><th class=\"column-7\">New Milford<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">2020<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Annual-Debt-Statement-2020.pdf\">0.877%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Englewood-Annual-Debt-Statement-2020.pdf\">1.717%<\/a><\/td><td class=\"column-4\"><a href=\"http:\/\/bergenfield.com\/downloads\/category\/147-finance?download=1430:2021-user-friendly-municipal-budget\">1.24%<\/a><\/td><td class=\"column-5\"><\/td><td class=\"column-6\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Hackensack-Annual-Debt-Statement-2020.pdf\">1.648%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2020%20annual%20debt%20statement.pdf\">0.982%<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2019<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2020\/09\/Annual-Debt-Statement-2019.pdf\">0.947%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Englewood-Annual-Debt-Statement-2019.pdf\">1.657%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfield.com\/downloads\/category\/147-finance\">0.910%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_5c9257fd08aa4e929df07c699648feb7.pdf\">1.747%<\/a><\/td><td class=\"column-6\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Hackensack-Annual-Debt-Statement-2019.pdf\">1.687%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2019%20annual%20debt%20statement.pdf\">1.099%<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">2018<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2018%20Annual%20Debt%20Statement%20(PDF)\">0.826%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2021\/02\/Englewood-Annual-Debt-Statement-2018.pdf\">1.818%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.520%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_63cf3b167a994627aea622a4f04d394d.pdf\">1.279%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2018_ADS.pdf\">1.273%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2018%20ADS.pdf\">1.128%<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">2017<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2017%20Annual%20Debt%20statement%20(PDF)\">0.744%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.820%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.510%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_6cb6a4b58c8844188defcfc95063c0cb.pdf\">1.111%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2017_ADS_revised.pdf\">1.330%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2017%20annual%20debt%20statement-1.pdf\">1.106%<\/a><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">2016<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2016%20Annual%20Debt%20Statement%20(PDF)\">0.619%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.810%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.410%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_6cb6a4b58c8844188defcfc95063c0cb.pdf\">1.057%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2016_ADS.pdf\">1.368%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/NM%20Annual%20Debt%20Statement%2017%20revised.pdf\">0.986%<\/a><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">2015<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2015%20Annual%20Debt%20Statement%20(PDF)\">0.605%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.809%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.423%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_f5a8d319c3344d3f954bbea9d2d063ca.pdf\">0.841%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2015_ADS.pdf\">0.881%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2015%20annual%20debt%20statement%201a.pdf\">1.022%<\/a><\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">2014<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2014%20Annual%20Debt%20Statement%20(PDF)\">0.588%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.517%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.415%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_91ddd9f3ec464c58ab137e9ae30de769.pdf\">0.721%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2014_ADS.pdf\">0.719%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2014%20ADS%20correct%20view.pdf\">0.996%<\/a><\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">2013<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2013%20Annual%20Debt%20Statement%20(PDF)\">0.527%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.206%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.508%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_cf923e4e7fea41a78d6d953adab0cc36.pdf\">0.913%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2013_ADS.pdf\">0.508%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2013%20ann%20debt.pdf\">0.708%<\/a><\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">2012<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2012%20Annual%20Debt%20Statement%20(PDF)\">0.487%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">1.069%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.534%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_4f1ee098135142dd836ab29c845464e1.pdf\">0.913%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2012_ADS.pdf\">0.698%<\/a><\/td><td class=\"column-7\"><a href=\"http:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2012%20annual%20debt%20statement.pdf\">0.506%<\/a><\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">2011<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecknj.gov\/media\/Documents\/Finance%20Documents\/ANNUAL%20DEBT\/2011%20Annual%20Debt%20Statement%20(PDF)\">0.497%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">0.940%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.540%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_a4e199f5915246e19f2cab305f4833e7.pdf\">0.790%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2011_ADS.pdf\">0.730%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2011%20annual%20debt%20statement.pdf\">0.500%<\/a><\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">2010<\/td><td class=\"column-2\"><a href=\"https:\/\/www.teanecktoday.com\/blog\/wp-content\/uploads\/2020\/02\/Annual-Debt-Statement-2010.pdf\">0.477%<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.nj.gov\/dca\/divisions\/dlgs\/resources\/fiscal_rpts.shtml\">0.910%<\/a><\/td><td class=\"column-4\"><a href=\"https:\/\/bergenfieldborough.com\/downloads\/category\/147-finance\">0.550%<\/a><\/td><td class=\"column-5\"><a href=\"https:\/\/f4b7762d-5245-4d28-9585-3c347a22e956.filesusr.com\/ugd\/8d609e_560d3224aead4d0fbd3a97ec17a1d332.pdf\">0.690%<\/a><\/td><td class=\"column-6\"><a href=\"http:\/\/www.hackensack.org\/filestorage\/6876\/7793\/7800\/7802\/2010_ADS.pdf\">0.630%<\/a><\/td><td class=\"column-7\"><a href=\"https:\/\/www.newmilfordboro.com\/home\/180013952\/180013952\/Images\/2010%20debt%20statement.pdf\">0.480%<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-16 from cache -->\n<hr \/>\n<ol>\n<li><a href=\"https:\/\/law.justia.com\/codes\/new-jersey\/2013\/title-40a\/section-40a-2-6\/\">40A:2-6. Debt limitation<\/a><br \/>\nNo bond ordinance shall be finally adopted if it appears from the supplemental debt statement required by this chapter that the percentage of net debt as stated therein<br \/>\npursuant to 40A:2-42 exceeds 2.00%, in the case of a county, or 3 1\/2%, in the case of a municipality.<\/li>\n<li><a href=\"https:\/\/law.justia.com\/codes\/new-jersey\/2013\/title-40a\/section-40a-2-41\/\">40A:2-41. Contents of annual debt statement<\/a><br \/>\nThe annual debt statement shall be in the form prescribed by the director and shall set forth as<br \/>\nto the local unit:<br \/>\na. Gross debt;<br \/>\nb. Deductions;<br \/>\nc. Net debt;<br \/>\nd. The equalized valuations of the taxable real estate, together with improvements, for<br \/>\nthe last 3 preceding fiscal years, and the average thereof;<br \/>\ne. Net debt expressed as a percentage of such average of equalized valuations; and<br \/>\nf. Any other information or detail required by law or by the director. The amount of any item which is indefinite or unascertainable may be estimated.<br \/>\nL.1960, c. 169, s. 1, eff. Jan. 1, 1962. Amended by L.1964, c. 72, s. 5.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>How does Teaneck compare to surrounding areas in terms of bonding? In the State of New Jersey, municipalities may bond up to the debt limit1, which is 3.5% of the equalized valuation2\u00a0of taxable real estate. In plain English: each town adds up the value of all their land, buildings, etc\u2026 averaged over the last three [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[8,3],"tags":[],"class_list":["post-5494","post","type-post","status-publish","format-standard","hentry","category-meetings","category-teaneck"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Current Bonding Across Local Municipalities - Teaneck Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.teanecktoday.com\/blog\/teaneck\/current-bonding-across-local-municipalities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Current Bonding Across Local Municipalities - Teaneck Today\" \/>\n<meta property=\"og:description\" content=\"How does Teaneck compare to surrounding areas in terms of bonding? In the State of New Jersey, municipalities may bond up to the debt limit1, which is 3.5% of the equalized valuation2\u00a0of taxable real estate. 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