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After public safety, the most important priority of this Township is affordability and achieving savings for taxpayers wherever possible. Our ongoing commitment to fiscal responsibility opens the door to meaningful savings for our entire community.
For example, one of the most direct benefits of our strong credit rating is our ability to borrow and refinance at historically low interest rates. This past spring, we refinanced a significant amount of our existing debt at a very low interest rate, just over 3% - outstanding rate in today’s market. These savings will benefit Township residents for years to come.
My Administration was also able to lock in long-term financing at 2.35%, a historically low rate, for any outstanding debt that could be refinanced in the future.
Our recent sale of bond anticipation notes also attracted robust investor interest, generating multiple competitive bids that drove the interest rate event lower. This kind of market confidence underscores our Township’s fiscal strength and translates directly into additional savings for our community.
I would like to take this opportunity to assure you that Monroe only borrows money for capital improvements, when necessary, aggressively seeking county, state, and federal grants to greatly reduce our debt burden and offset taxpayer costs. As a result, the Township only uses a small fraction of its allotted debt capacity, with a debt ratio significantly lower than when I took office in 2020, and the lowest in 10 years.
The most recent grants we have secured include:
- $2.5 million in State grants to expand the police operations, training, and dispatch headquarters
- $500,140 in Community Development Block Grants over the last three years for road improvement projects
- $1.3 million in state transportation funding grants in the last three years for road improvement projects
- $770,373 in recycling enhancement, clean communities, and tonnage grants in the last three years toward equipment and operations
- $4.3 million in State and County grants to preserve 34 acres of beautiful farmland and prevent development
- $1.2 million from Green Acres grant toward Monroe Community Garden upgrades
- $1 million in County grants to help purchase parkland on Spotswood Gravel Hill Road
- $1.45 million in County grants to help build an indoor facility at James Monroe Park
- $1.5 million in State grants toward developing indoor recreation
- Leveraging government incentives to install energy efficient equipment throughout Township facilities to create a “neutral” budget expense
Our success is the result of the work of a tremendous fiscal team at Town Hall, who work tirelessly to uncover new savings, secure grants and maximize every taxpayer dollar. Through strategic financial planning, smart refinancing, and targeted investments in public infrastructure, we continue to create innovative ways to deliver more to the community – while keeping costs as low as possible.
We take pride in what we have achieved and remain dedicated to keeping Monroe safe and affordable while continuing to deliver the high-quality services our residents expect and depend on.
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