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Department of Revenue & Finance New Jersey League of Municipalities Brochure on State Aid and the Fiscal Impact to Municipalities |
Municipal Budget & Financial Documents |
On June 3rd the Borough Council adopted the Borough's 2009 Municipal Budget. Mayor Richard Goldberg had made this presentation on May 6th when the budget was introduced. BUDGETARY SAVINGS. On October 15, 2009, in order to take advantage of lower interest rates, the Borough refinanced $1.5 million in general obligation bonds that were originally issued back in October, 2000. This refunding of municipal debt will save the Borough and its taxpayers between $14,000 and $18,000 annually in debt service costs from 2010 through 2016, for a total savings of $105,876. An upgrading of the Borough's bond rating by Standard & Poors from A1 to AA, helped us achieve this savings. STATE AID AND LOCAL TAXES The level of public services in New Jersey's various municipalities and the amount of property taxes that are paid in those municipalities are dependent on many factors. The New Jersey State League of Municipalities has produced a brochure explaining how these factors, including state aid, affect local taxes. Most of the so-called "state aid" derives from sources that were originally collected locally by municipalities but were then either abolished or taken over by the state, with the amounts given to municipalities later reduced by the state. Reading this brochure will help residents understand how these state actions have affected Hawthorne's budget and those of other municipalities. MUNICIPAL FINANCIAL DOCUMENTS: |