New Jersey Environmental Infrastructure Trust
In 2017 the Township finalized one loan agreement with the State of New Jersey Department of Environmental Protection, pursuant to the 2017A-1 New Jersey Environmental Infrastructure Trust Financing Program.
The loan consists of two agreements, a Trust Loan Agreement of $145,000 to be repaid over a 14 year period at interest rates ranging from 3.00% to 5.00%, and a no interest Fund Loan Agreement of $148,175 to be repaid over a 14 year period. The proceeds of the loans are to provide for the acquisition of a Jet Vac and Sweeper for use by the Township.
| Year | Principal | Interest | Total |
|---|---|---|---|
| 2018 | 15,102.83 | 5,850.00 | 20,952.83 |
| 2019 | 20,102.83 | 5,600.00 | 25,702.83 |
| 2020 | 20,102.83 | 5,100.00 | 25,202.83 |
| 2021 | 20,102.83 | 4,600.00 | 24,702.83 |
| 2022 | 20,102.83 | 4,100.00 | 24,202.83 |
| 2023-2027 | 100,514.15 | 13,200.00 | 113,714.15 |
| 2028-2031 | 90,411.48 | 4,050.00 | 94,461.48 |
| $ 286,439.78 | $ 42,500.00 | $ 328,939.78 |
A summary of the changes in long-term and short term debt of the Township is as follows:
| Balance December 31, 2016 | Accrued/ Increases | Retired/ Decreases | Balance December 31, 2017 | Balance Due Within One Year | |
|---|---|---|---|---|---|
| General Capital: | |||||
| General Bonds | $ 23,078,000.00 | $ - | $ 3,783,000.00 | $ 19,295,000.00 | $ 3,840,000.00 |
| Bond Anticipation Notes | 5,858,326.00 | - | 5,858,326.00 | - | - |
| Loans | - | 293,175.00 | 6,735.22 | 286,439.78 | 15,102.83 |
| Other Liabilities: | |||||
| Compensated Absences | 2,937,424.09 | - | 383,579.92 | 2,553,844.17 | - |
| Net Pension Liability | 28,531,851.00 | - | 5,327,029.00 | 23,204,822.00 | - |
| $ 60,405,601.09 | $ 293,175.00 | $ 15,358,670.14 | $ 45,340,105.95 | $ 3,855,102.83 |
63