How much public debt does North Arlington currently carry?
As of 2023, the Borough of North Arlington, New Jersey, reported a total outstanding debt of $14,737,912.
This debt comprises
* Municipal/County General Obligations: $13,364,912
* Bonds and Notes for Local School Purposes: $1,373,000
The net debt, after accounting for deductions, stands at $13,272,012.
In the same year, the Borough’s equalized valuation basis was $1,996,831,937.
This valuation is used to determine the debt limit, which is set at 4% of the equalized valuation.
Therefore, the debt limit for North Arlington in 2023 was $79,873,277.
Given that the total outstanding debt of $14,737,912 is well below this limit, the Borough maintains a manageable debt level relative to its valuation.
It’s important to note that the North Arlington School District, which operates separately from the Borough, reported a total direct and overlapping debt of $25,482,925 for the fiscal year ending June 30, 2022.
This figure includes both the school’s direct debt and its share of overlapping debt from other governmental entities.
These figures indicate that both the Borough and the School District have substantial debt obligations, but they remain within the legal debt limits established by New Jersey’s Local Bond Law. For more detailed information, you can refer to the Borough’s Annual Debt Statement for 2023.