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Hasbrouck Heights reports $3.15M current fund balance; sells $3.431M BAN
Summary
CFO Dave Sireci reported a May 31 current fund cash balance of $3,153,173, May receipts including $11,443,831 in 2026 taxes, and a $3,431,000 bond anticipation note sold to Spencer Savings Bank at a 3.25% gross interest rate.
At the June 16 meeting, Chief Financial Officer Dave Sireci outlined the borough’s cash position and recent debt financing.
Sireci reported the Current Fund cash balance at May 31 was $3,153,173, an increase from $142,835 at April 30; May receipts totaled $12,477,517, including $11,443,831 in 2026 tax collections. He said May disbursements were $9,467,179 with $5,789,526 for local school taxes. The borough sold a Bond Anticipation Note dated May 13, 2026, for $3,431,000; Spencer Savings Bank purchased the note at a gross interest rate of 3.25% with a maturity date of May 13, 2027. The proceeds were deposited into the Capital Fund to finance prior capital ordinances adopted in 2023 and 2025.
Sireci told the council the sale reflects confidence in the borough’s financial position and noted the 2025 audit fieldwork was completed with no major issues identified to date.
