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Stone Harbor council cites $18 million debt reduction, sets April budget timeline
Summary
Councilmember Jennifer Gensemer told the Feb. 4 work session that the borough has reduced net debt by more than $18 million and filed its 2024 Annual Debt Statement; the borough expects to introduce the 2025 budget on April 1 and adopt it by April 30, 2025.
Councilmember Jennifer Gensemer said the Administration and Finance Committee filed the borough's 2024 Annual Debt Statement with the New Jersey Department of Community Affairs and reported a net debt reduction of more than $18 million, which officials attributed to cancellation of authorized but unissued ordinances.
Gensemer told the Feb. 4 work session that the Finance Department has completed implementation of a new payroll and human resources system intended to increase efficiency in financial and personnel management. She said the borough is reorganizing administration and finance staff, including increasing weekly hours for some employees, to improve productivity and customer service.
The committee is preparing the 2025 budget with a focus on balancing and assessing future financial impacts. Gensemer said the borough anticipates introducing the 2025 budget on April 1, 2025, with adoption targeted for April 30, 2025.
The report filed with state officials and the department filing were presented to council but no formal vote was taken during the Feb. 4 work session. Council members did not propose changes to the timeline during the meeting.
