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Saddle River council adopts 2026 budget after extended public questioning on cap bank, surplus and debt
Summary
After extended public comment questioning the borough's use of a 'cap bank', surplus growth and debt strategy, Saddle River council unanimously adopted the 2026 municipal budget and several related ordinances on April 20, 2026. The CFO and council described why the borough maintains a cap bank and how principal payments on notes are being increased.
The Borough of Saddle River on April 20 adopted its 2026 municipal budget after extended public comment about reserves, budget authorization and debt. Council members voted unanimously to approve the budget during the meeting.
Residents pressed officials on a variety of budget topics, including whether $1.3 million in potential congressionally directed funding had been included in the plan, why the borough authorizes a higher "cap bank" percentage than it expects to use in the adopted budget, and whether the borough's surplus could be used to reduce taxes. At one point a resident said the council had not responded to written constituent letters and described the lack of reply as "ghosting." The council and finance staff responded with detailed explanations.
Sue Hajins, the borough chief financial officer, explained that the cap bank is an authorization tool the state allows municipalities to pass by ordinance: it permits the borough to "bank" unused budget authorization above the 2% cap in case larger-than-expected costs arise in future years (for example, a high garbage bid or unusually heavy winter costs). "It doesn't increase spending today or raise taxes by itself," Hajins said in response to public questions; the cap bank is "authorization" rather than an immediate appropriation.
Hajins and other officials also described how the borough has been increasing principal payments on bond anticipation notes and other short-term debt to reduce outstanding obligations over a 10-year planning horizon. Council members and the CFO said that some recent borrowing reflected the purchase of affordable‑housing properties and that the borough has used a mix of trust funds and note paydowns to minimize long-term borrowing costs where possible.
The council also approved several ordinances tied to budget and capital planning during the meeting, including a cap bank ordinance and a series of capital and bond ordinances. Each ordinance was subject to the required public comment or hearings and passed on roll‑call votes.
The borough's motion to adopt the budget passed on a roll‑call vote with all members voting yes. Council members said they will continue reporting on debt-service trends and principal payments at future meetings.
Next steps: The adopted budget will be posted to the borough website as required, and the borough said it will publish the user‑friendly budget detail and historical comparisons so residents can track principal vs. interest, debt-service percentages and year‑to‑year trends.
