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Lopatcong council adopts 2024 budget, advances park and capital bond ordinances
Summary
The Lopatcong Township Council unanimously adopted its 2024 budget after an auditor’s presentation, advanced two bond ordinances for capital and park improvements to second reading, and authorized moving forward with park project planning and related borrowing steps.
The Lopatcong Township Council on June 5 adopted the municipality's 2024 budget and advanced multiple bond ordinances tied to capital and park improvements.
Auditor John Mooney told the council the township's financial position is the strongest he has seen in more than 15 years, citing roughly $8 million in current-fund cash and healthy reserves in the sewer and other funds. "This is the best condition the financials of this town has been in since I've been associated with this town," Mooney said, noting the town's strengthened position could yield favorable bond ratings when borrowing for the park project.
The council held a public hearing and adopted the 2024 budget by roll-call vote after presentations by John Mooney and Kim, who described appropriations, projected miscellaneous revenues, and the amount to be raised by taxation. The presenters said the adopted levy represents a modest increase from the prior year; specific line-item totals quoted in the transcript were partially garbled and are not reported here.
Council also held first readings on two bond ordinances. Ordinance 24-11 was introduced to provide an appropriation for various capital improvements; the agenda cited an appropriation figure and an associated issuance amount. Ordinance 24-12, intended to fund Lopatcong Park improvements, was introduced with amounts discussed in the meeting record; the council voted to advance both ordinances to the next reading and retained final appropriation and borrowing details for subsequent action.
Mayor and council members noted that strong audit results and fund balances position the township to competitively market bonds for the park project. Mooney said rating agencies will review the town's official statement and reserves when assigning a credit rating, and that a strong rating could reduce borrowing costs. "You should come in with a very high rating," Mooney said, while adding he could not guarantee a specific rating.
Next steps: the council advanced the ordinances to second reading and will return with final bond documents and a formal vote on borrowing when details and schedules are finalized.
