HomeMy Public PortalAbout2022 Annual Debt StatementFILED 1/10/2023
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Carteret Borough - 2022 Date Prepared:1/5/2023
Budget Year Ending December 31 (Month D-D)2022 (Year)
Name:Patrick J. DeBlasio Phone:732-541-3820
Title:CFO Email:deblasiop@carteret.net
Address:100 Cooke Avenue
Carteret, NJ 07008 CFO Cert #:0675
Patrick J. DeBlasio, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Carteret
Borough - County of Middlesex 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 $35,195,000.00 $35,195,000.00 $0.00
Total Bonds and Notes for Regional
School Purposes $$$0.00
Total Bonds and Notes for all Utilities $19,339,027.63 $19,339,027.63 $0.00
Municipal/County General Obligations $71,725,969.90 $10,223,122.29 $61,502,847.61
Total $126,259,997.53 $64,757,149.92 $61,502,847.61
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)2020
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property $2,789,346,310.00
(2)2021
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property $3,096,492,660.00
(3)2022
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property $3,547,417,272.00
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………$3,144,418,747.33
Net Debt expressed as a percentage of such equalized valuation basis is: %1.956%
Page 2 of 11
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):Type II
1.Term Bonds $
2.Serial Bonds
(a) Issued $35,195,000.00
(b) Authorized but not issued $
3.Temporary Notes
(a) Issued $
(b) Authorized but not issued $
4.Total Bonds and Notes $35,195,000.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES –
FOR SCHOOL PURPOSES
Amounts held or to be held for the sole purpose of paying bonds and notes included above.
5.Sinking funds on hand for bonds shown as Line 1 but not in excess of
such bonds.$
6.Funds on hand in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes included in Line
4.$
7.Estimated proceeds of bonds and notes authorized but not issued
where such proceeds will be used for the sole purpose of paying bonds
and notes included in Line 4.$
8.% of average of
equalized valuations $3,144,418,747.33 4.00%$125,776,749.89
Use applicable per centum as follows:
2.50% Kindergarten or Grade 1 through Grade 6
3.00% Kindergarten or Grade 1 through Grade 8
3.50% Kindergarten or Grade 1 through Grade 9
4.00% Kindergarten or Grade 1 through Grade 12
9.Additional State School Building Aid Bonds (N.J.S.A. 18A:58-
33.4(d))
$
10.Total Potential Deduction $125,776,749.89
Total Allowable Deduction $35,195,000.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.TERM BONDS $
2.SERIAL BONDS
(a) Issued $
(b) Authorized but not issued $
3. TEMPORARY BONDS AND NOTES
(a) Issued $
(b) Authorized but not issued $
4.TOTAL OF REGIONAL SCHOOL BONDS AND NOTES $
N.J.S.A. 40A:2-43 reads in part as follows: "Gross debt of a municipality shall also include that amount of the total of all
the bonds and notes issued and authorized but not issued by any school district including the area of the municipality, which
results from the application to such total of the ratio which the equalized valuation basis of the municipality bears to the
sum of the equalized valuation basis of each municipality in any such school district."
COMPUTATION OF REGIONAL AND/OR
CONSOLIDATED SCHOOL DISTRICT DEBT
% OF VALUATIONS APPORTIONED TO EACH
MUNICIPALITY
APPORTIONMENT OF DEBT – Dec. 31,
Municipality Average Equalized
Valuations %Serial Bonds
Issued
Temp. Bond –
Notes Issued
Authorized But
not Issued
%$$$
Totals %$$$
Page 4 of 11
BONDS AND NOTES FOR UTILITY FUND
Sewer Utility
1.Term bonds $
2.Serial bonds
(a) Issued $4,652,135.00
(b) Authorized but not issued $448,012.17
3.Bond Anticipation Notes
(a) Issued $
(b) Authorized but not issued $
4.Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued $
(b) Authorized but not issued $
5.Other
(a) Issued $14,238,880.46
(b) Authorized but not issued $
6.Total $19,339,027.63
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SELF-LIQUIDATING PURPOSES
Self-Liquidating Utility Calculation
1.Total Cash Receipts from Fees, Rents or
Other Charges for Year $6,163,479.68
2.Operating and Maintenance Cost $4,698,855.78
3.Debt Service
(a)Interest $276,801.48
(b)Notes $
(c)Serial Bonds $751,008.95
(d)Sinking Fund
Requirements $
4.Debt Service per Current Budget
(N.J.S.A. 40A:2-52)
(a)Interest on Refunding
Bonds $
(b)Refunding Bonds $
5.Anticipated Deficit in Dedicated
Assessment Budget $
6.Total Debt Service $1,027,810.43
7.Total Deductions (Line 2 plus Line 6)$5,726,666.21
8.Excess in Revenues (Line 1 minus Line 7)$436,813.47
9.Deficit in Revenues (Line 7 minus Line 1)$0.00
10.Total Debt Service (Line 6)$1,027,810.43
11.Deficit (smaller of Line 9 or Line 10)$0.00
If Excess in Revenues (Line 8) all Utility
Debt is Deductible
(a)Gross Sewer System Debt $19,339,027.63
(b)Less: Deficit (Capitalized at 5%), (Line 9
or line 11)$0.00
$- 0.00 times 20
(c)Deduction $19,339,027.63
(d)Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above $
(e)Total Deduction (Deficit in revenues)$19,339,027.63
(f)NonDeductible Combined GO Debt $
Total Allowable Deduction $19,339,027.63
Page 5 of 11
OTHER BONDS, NOTES AND LOANS
1.Term Bonds
$
Total Term Bonds $
2.Serial Bonds (state purposes separately)
(a) Issued
Refunding GO Bonds 2015 $6,511,200.00
GO Bonds 2019 $19,821,665.00
Total Serial Bonds Issued $26,332,865.00
(b) Bonds Authorized but not Issued
$
Total Serial Bonds Authorized but not Issued $
3.Total Serial Bonds Issued and Authorized but not Issued $26,332,865.00
Page 6 of 11
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4.Bond Anticipation Notes
(a) Issued
ORD # 20-3 Various Capital Improvements $475,000.00
ORD # 21-6 Acquisition of Property Waterfront $14,000,000.00
ORD# 12-07 Waterfront- O/S-RWJ $4,100,000.00
ORD# 17-11 Waterfront Marina- ONRR Passaic
Valley $447,000.00
ORD# 19-3 Performing Arts Center $1,323,000.00
ORD# 19-06 Performing Arts Center $1,280,000.00
ORD#20-1 Construction of Performing Arts Center $4,750,000.00
ORD #20-2 Various State Grants/ Road Improvements $3,012,000.00
ORD# 19-17 Performing Arts Center $2,000,000.00
Ord# 19-20 Performing Arts Center $1,146,000.00
ORD #20-11 Construction- Performing Arts Center $2,375,000.00
ORD #20-15 Acquisition of Property $3,895,000.00
Total Bond Anticipation Notes Issued $38,803,000.00
(b) Authorized but not Issued
ORD # 21-11 Construction of Performing Arts Center $817,836.76
ORD# 05-06 State Green Acres- Waterfront II $470,000.00
ORD# 16-03 State Green Acres- Noe Street Project $1,042,500.00
ORD# 16-20 State Green Acres- Municipal Marina $565,150.00
Ord# 17-11 Waterfront Marina- Passaic Valley-
NJDEP $419,969.50
ORD# 19-07 Various Sewer and Stormwater- "I" Bank $49,405.83
ORD# 21-12 Waterfront Redevelopment Project $1,642,047.50
ORD# 21-13 NJDOT Federal Blvd/ Blair Road $573,502.79
Ord#12-07 Marina Project- Open Space $25,000.00
Total Bond Anticipation Notes Authorized but not
Issued $5,605,412.38
5.Total Bond Anticipation Notes Issued and Authorized but not Issued $44,408,412.38
Page 7 of 11
OTHER BONDS, NOTES AND LOANS
MISCELLANEOUS BONDS, NOTES AND LOANS
(not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes)
6.Miscellaneous Bonds, Notes and Loans
(a) Issued
Building DEMO Loan $22,500.00
Green Trust Loans $516,465.21
Lake/Stream Restoration- Carteret Pond $80,199.11
MCIA Loans- 2015-2018 $365,528.20
Miscellaneous Bonds, Notes and Loans Issued $984,692.52
(b) Authorized but not Issued
$
Miscellaneous Bonds and Notes Authorized but not
Issued $
Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but
not Issued $984,692.52
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued $71,725,969.90
Page 8 of 11
DEDUCTIONS APPLICABLE TO OTHER BONDS AND NOTES
1.Amounts held or to be held for the sole purpose of paying general bonds and
notes included
(a) Sinking funds on hand for term bonds
$
$
(b) Funds on hand (including proceeds of bonds and notes held to pay other
bonds and notes), in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes
ONRR/NJDOT Ord# 17-11,21-13 $1,845,472.29
Green Acres Ord# 05-06/16-03 Waterfront
Noe St.
$1,530,625.00
Green Acres Grant Ord#16-20,16-03,21-06 $2,347,025.00
County O/S Ord#21-06 Acquisition of
Waterfront Property
$4,500,000.00
$10,223,122.29
(c) Estimated proceeds of bonds and notes authorized but not issued where
such proceeds will be used for the sole purpose of paying bonds and notes
$
$
(d) Accounts receivable from other public authorities applicable only to the
payment of any part of the gross debt not otherwise deductible
$
$
2.Bonds authorized by another Public Body to be guaranteed by the
municipality $
3.Bonds issued and bonds authorized by not issued to meet cash grants-in-
aid for housing authority, redevelopment agency or municipality acting as
its local public agency [N.J.S.A. 55:14B-4.1(d)]$
4.Bonds issued and bonds authorized but not issued - Capital projects for
County Colleges (N.J.S.A. 18A:64A-22.1 to 18A:64A-22.8)
$
5.Refunding Bonds (N.J.S.A. 40A:2-52)
$
$
Total Deductions Applicable to Other Bonds and Notes $10,223,122.29
Page 9 of 11
BONDS AUTHORIZED/ISSUED BY ANOTHER PUBLIC BODY
TO BE GUARANTEED BY THE MUNICIPALITY
$
Total Bonds and Notes authorized/issued by another Public Body to be
guaranteed by the municipality $
Page 10 of 11
SPECIAL DEBT STATEMENT BORROWING POWER
AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1.Balance of debt incurring capacity December 31, 2021
(N.J.S.A. 40:1-16(d))$
2.Obligations heretofore authorized during 2022 in
excess of debt limitation and pursuant to:
(a)N.J.S.A. 40A:2-7, paragraph (d)$
(b)N.J.S.A. 40A:2-7, paragraph (f)$
(c)N.J.S.A. 40A:2-7, paragraph (g)$
Total $0.00
3.Less 2021 authorizations repealed during 2022 $
4.Net authorizations during 2022 $
5.Balance of debt incurring capacity December 31, 2022
(N.J.S.A. 40:1-16(d))$0.00
Page 11 of 11
Obligations NOT Included in Gross Debt
1.Capital Leases and Other Commitments
MCIA-2017 $0.00
MCIA-2018 $57,723.94
MCIA-2021 $184,112.83
MCIA-2022 $312,861.44
Total Leases and Other Comittments $554,698.21
2.Guarantees NOT included in Gross Debt – Public
and Private
Revenue Bonds- Series 2008A $1,265,000.00
Revenue Bonds- Series 2012C $3,505,000.00
Revenue Bonds- Series 2012A $875,000.00
NJEIT Trust Loan $5,690,000.00
NJEIT Trust Loan $3,905,934.68
Total Guarantees NOT included in Gross Debt –
Public and Private $15,240,934.68