20 2020 20 Passaic assaic Co Coun unty ty Bu Budg dget et - - PowerPoint PPT Presentation

▶
20 2020 20 passaic assaic co coun unty ty bu budg dget et
SMART_READER_LITE
LIVE PREVIEW

20 2020 20 Passaic assaic Co Coun unty ty Bu Budg dget et - - PowerPoint PPT Presentation

Jan 19, 2023 323 likes •568 views

20 2020 20 Passaic assaic Co Coun unty ty Bu Budg dget et In Intr trodu oduction ction Fe Febru ruar ary y 11, 20 2020 20 Cassandra Sandi Lazzara, Director Pasquale Pat Lepore, Dep Director Assad R. Akhter John W.

slide-1
SLIDE 1

20 2020 20 Passaic assaic Co Coun unty ty Bu Budg dget et In Intr trodu

  • duction

ction

Fe Febru ruar ary y 11, 20 2020 20

slide-2
SLIDE 2

Passaic assaic Co Coun unty ty Bo Boar ard d of Cho hosen sen Fr Freehold eeholder ers

Cassandra “Sandi” Lazzara, Director Pasquale “Pat” Lepore, Dep Director Assad R. Akhter John W. Bartlett, Esq. Theodore “TJ” Best Terry Duffy Bruce James

slide-3
SLIDE 3

2020 20 Passaic ssaic County unty Bud udget et De Devel elop

  • pment

ment Proce cess ss

Includes a detailed and analytical review of each department concentrating on the following:

  • Reviewing each table of organizations focusing on

vacancies

  • Reviewing operating expenses looking at a five-year

historic trend in spending

  • Reviewing current and future grant opportunities
  • Examining future departmental needs
  • Identifying potential future risk areas
  • Five-year capital request for each department
slide-4
SLIDE 4

Vis isio ion, n, Mi Miss ssio ion n & & Go Goals ls

Vision

  • n

Passaic County will continue to highlight

  • ur Rich History and Bright Future by

continuing to build on our fiscal stability. We will continue to focus on quality of life issues, assure a safe and maintained infrastructure and offer cultural and recreational opportunities for all our residents and visitors. We will continue to

  • ffer support for those most in need with

compassion and the dignity they deserve. Mission ion To protect and preserve the quality of life for our diverse population, all while being effective and efficient stewards of tax dollars.

slide-5
SLIDE 5

Our Goals

  • Protect the County's bond rating
  • Continue our conservative

budgeting approach

  • Stabilize taxes
  • Continue to increase crucial

appropriations

  • Increase reserves to insure fiscal

stability for future generations

  • Continue to provide critical

investments in our infrastructure our parks and our historic sites

  • Reduce debt for future generations
  • Continue to identify shared services

with our municipalities and other counties

slide-6
SLIDE 6

Achi hieving ving Our ur Go Goals als

Protecting the County's Bond Rating

Moody’s Investors Services Upgrade ades s Pass ssaic aic Co Coun unty ty to Aa1 The second highest rating available from Moody’s and the highest rating in Passaic County history!

slide-7
SLIDE 7

Passaic County’s Rating History

DATE TE RATING TING AGENCY NCY RATING TING REASON ASON

1998 Moody’s A3 Downgraded March 2010 Moody’s A2 Upgrade April 2010 Moody’s Aa3 Recalibration June 2013 Standard & Poor’s AA Upgrade November 2017 Moody’s Aa2 Upgrade October 2019 Moody’s Aa1 Upgrade

slide-8
SLIDE 8

Achieving Our Goals - Stabilizing Taxes

0.00 0.01 0.02 0.03 0.04 0.05 0.06 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

  • The last four (4) years the county levy has increased an average of ONLY 0.46%
  • Over the last ten (10) years the county levy has increased an average 1.76%,

staying under the state mandated cap

slide-9
SLIDE 9

Achieving Our Goals - Stabilizing Taxes

0.66 0.67 0.68 0.69 0.70 0.71 0.72 0.73 0.74 0.75 0.76 2015 2016 2017 2018 2019

County tax rate continues to decline

slide-10
SLIDE 10

Achieving hieving Our r Goals als Continuing to increase crucial appropriations

APPROPRIATIONS 2020 2019 CHANGE PERCENTAGE General Government $44,109,531 $43,146,992 $962,539 2.23% Insurance $80,721,000 $84,421,000 ($3,700,000) (4.38%) Regulation $31,868,184 $31,815,334 $52,850 (0.37%) Roads & Bridges $4,363,840 $4,155,050 $208,790 5.02% Correction & Penal $46,764,726 $48,083,925 ($1,319,199) (2.74%) Health & Welfare $70,620,333 $69,968,097 $652,236 0.93% Education $22,987,355 $22,504,129 $483,226 2.15% Parks & Recreation $6,880,761 $5,194,885 1,685,876 32.45% Unclassified $10,468,151 $11,009,319 ($541,168) (4.92%) Contingency $50,000 $50,000 $0.00 0.00% Capital Improvements $3,500,000 $2,000,000 $1,500,000 75.00% Debt Service $54,634,550 $53,878,159 $756,391 1.40% Deferred Charges & Statutory Expenditures $49,561,244 $50,120,560 ($559,316) (1.12%) Total (Net of Grants) $426,529,675 $426,347,450 $182,225 0.04%

slide-11
SLIDE 11

Ach chieving ving Ou Our Goals ls Increasing reserves to insure fiscal stability for future generations

HIGHE HEST ST FU FUND BALANCE ANCE IN PASSAI SAIC C COU OUNTY Y HIS ISTOR ORY Without using one-time gimmicks, Passaic County increased fund balance 194% over the past seven (7) years

YEAR FUND BALANCE 2019 $77,510,058 2018 $66,427,185 2017 $50,056,246 2016 $45,016,252 2015 $34,364,188 2014 $26,052,147 2013 $26,351,307

Source, Passaic County Audit Reports, and 2019 Annual Financial Statement (unaudited)

slide-12
SLIDE 12

RESERVES 2017 2018 2019 Workers’ Compensation $5,456,202 $4,135,509 $9,616,289 Health Benefits $13,912,500 $22,005,719 $25,067,153 Liability Insurance $5,436,558 $5,352,632 $17,405,901 Snow Removal $783,671 $877,784 $2,174,124 Accumulated Absences $774,927 $999,488 $1,645,217 Unemployment Compensation $731,357 $588,015 $1,254,670 County Pension Plan $575,735 $577,063 $1,748,320 TOTAL RESERVES $27,670,950 $34,536,210 $58,911,674 TOTAL RESERVES PLUS FUND BALANCE $77,727,196 $100,963,395 $136,121,732

Achievi ieving g Ou Our Goals als

Increasing reserves to insure fiscal stability for future generations

Source, Passaic County Audit Reports, and 2019 Annual Financial Statement (unaudited)

slide-13
SLIDE 13

YEAR FUND BALANCE E ANTICI ICIPATED TED FUND BALANCE E REGENE ENERA RATED TED CURRENT ENT FUND BALANCE 2019 $19,000,000 $30,082,873 $77,510,058 2018 $19,000,000 $35,370,939 $66,427,185 2017 $18,000,000 $23,039,994 $50,056,246 2016 $18,000,000 $28,652,064 $45,016,252 2015 $18,000,000 $26,312,041 $34,364,188

Achie ieving ing Our ur Go Goals ls

Balance than Never anticipating more Fund we regenerate

Source, Passaic County Audit Reports, and 2019 Annual Financial Statement (unaudited)

slide-14
SLIDE 14

Achiev ieving ing Ou Our Go Goals ls Continuing to provide critical investments in

  • ur infrastructure, parks and historic sites

Proje

  • jects

cts Curr urren ently tly Under der Constructi nstruction:

  • n:
  • Rehabilitation of Courthouse Annex, Paterson
  • New DPW Building, Wayne
  • Two Bridges Road Bridge and West End Extension Project,

Wayne

  • Replacement of Morsetown Road Culvert, West Milford
  • Energy Savings Program
  • 2019 Road Resurfacing Program (total of 9.76 miles)
  • Goffle Brook Park Improvements, South of Diamond

Bridge Avenue, Hawthorne

  • Weasel Brook Park – Phase II Improvements, Clifton
  • Dundee Island Park, Passaic
  • Elevator Renovations at Parking Garage and Board of

Social Services, Paterson

slide-15
SLIDE 15

Achievi ieving g Ou Our Goals als Reducing debt for future generations

YEAR PRINCIPAL INTEREST TOTAL DEBT SERVICE 2020 $28,717,000 $8,939,760 $37,656,760 2021 26,073,000 7,993,136 34,066,136 2022 25,800,000 7,124,678 32,924,678 2023 24,505,000 6,307,867 30,812,867 2024 25,448,000 5,450,955 30,898,955 2025 22,696,000 4,539,263 27,235,263 2026 23,439,000 3,653,351 27,092,351 2027 19,282,000 2,865,850 22,147,850 2028 17,795,000 2,164,645 19,959,645 2029 11,395,000 1,675,008 13,070,008 2030 9,705,000 1,309,808 11,014,808 2031 9,895,000 1,011,570 10,906,570 2032 6,705,000 704,845 7,409,845 2033 6,852,000 512,395 7,364,395 2034 4,820,000 323,050 5,143,050 2035 4,060,000 230,950 4,290,950 2036 2,370,000 142,650 2,512,650 2037 2,385,000 71,550 2,456,550 TOTAL $271,942,000 $55,021,330 $326,963,330

  • 84% of debt will be

amortized over the next 10 years

  • Debt principal drops off

starting in 2021

  • Capital Budget adopted

policy is to issue no more than $10,000,000 in debt per year

Source, Passaic County Department of Finance

slide-16
SLIDE 16

Ach chie ieving ving Ou Our Go r Goals ls Continuing to identify shared services

Partnering with local governments to consolidate and regionalize operations

Youth Detention Center with Essex County Consumer Affairs with Bergen County Public Health Services

  • Borough of Haledon
  • Borough of Wanaque
  • Borough of Woodland Park
  • Township of West Milford

Information Technology

  • City of Passaic
  • Borough of Pompton Lakes
  • Wanaque Board of Education
  • Borough of Woodland Park

Operation of Hamilton House Museum - City of Clifton Fueling – Pompton Lakes, Prospect Park and West Milford Brining – Borough of Hawthorne

slide-17
SLIDE 17

PASSAIC COUNTY’S FUTURE IS BRIGHT

slide-18
SLIDE 18
  • Replacement of the Fairlawn Avenue Bridge, Paterson
  • Paterson Hamburg Turnpike and Alps Road intersection

improvements, Wayne

  • Superstructure reconstruction of Spruce Street Bridge,

Paterson

  • 2020 road resurfacing program (approx. 4.5 miles)
  • Replacement of Kingsland Avenue Bridge, Clifton
  • Replacement of North Haledon Avenue culvert, North

Haledon

  • Lambert Castle & Carriage House Restoration, Paterson
  • Morris Canal Greenway – Browertown Road Project, Little

Falls & Woodland Park

  • Goffle Brook Park parking lot expansion, Hawthorne
  • Rifle Camp Park Phase I improvements – Woodland Park
  • Highlands Preserve Athletic Field improvements – West

Milford

  • Elevator renovation for Court House, Paterson
  • Highlands Rail Trail – Phase I, Wanaque

Brig ight Fut utur ure

Investing in our infrastructure, parks and historic sites in 2020

slide-19
SLIDE 19

Brig ight t Futu ture

Continued growth in the tax base

  • 11% overall growth in Passaic

County over the past 5 years and every municipality has seen positive growth

  • Passaic, Paterson and

Prospect Park have had over 20% growth since 2015

Source, Passaic County Board of Taxation, Abstract of Ratables

EQUALIZED ALIZED VALU LUATION TION OF CONS NSTIT TITUE UENT NT MUNICIP CIPALIT ALITIES IES

MUNICI NICIPA PALITY 2019 2019 2017 2017 2015 2015 % Incre rease from 2015 to 2019 Bloomingdale $ 834,954,585 $ 843,411,170 $ 796,502,271 4.83% Clifton 10,110,595,494 9,662,113,780 9,558,441,489 5.78% Haledon 592,972,127 537,152,256 538,282,439 10.16% Hawthorne 2,610,503,015 2,363,975,373 2,309,625,963 13.03% Little Falls 1,655,423,783 1,627,535,576 1,648,964,705 0.39% North Haledon 1,376,047,491 1,315,477,970 1,302,643,635 5.63% Passaic 3,852,023,124 3,430,959,275 3,089,652,409 24.67% Paterson 7,599,909,715 6,091,931,422 5,925,172,890 28.26% Pompton Lakes 1,214,545,374 1,125,987,876 1,125,411,927 7.92% Prospect Park 320,825,501 282,294,785 264,717,261 21.20% Ringwood 1,707,595,885 1,632,305,507 1,638,586,197 4.21% Totowa 2,174,893,916 2,128,007,043 2,167,694,622 0.33% Wanaque 1,318,773,459 1,262,422,911 1,257,130,277 4.90% Wayne 10,316,180,734 10,104,904,128 9,285,439,839 11.10% West Milford 3,026,786,605 2,997,893,718 2,907,269,303 4.11% Woodland Park 1,808,328,203 1,802,509,345 1,689,584,117 7.03% TOTAL $50,5 ,520,3 ,359,0 ,011 $47,2 ,208,8 ,882,1 ,135 $45,5 ,505,1 ,119,3 ,344 11.0 .02%

slide-20
SLIDE 20

Brig ight t Fu Futu ture Real estate transfer fees increased 67% since 2011

0.00 1.00 2.00 3.00 4.00 5.00 6.00

2011 2012 2013 2014 2015 2016 2017 2018 2019

Milli lions

  • ns
slide-21
SLIDE 21

Bright Future

Median home values in Passaic County on the rise - $354,823

  • Up 2.2% over the past year
  • Predictions are they will rise 2.4%
  • ver the next year
  • 9th highest median home value of

New Jersey’s 21 counties

  • Above the state median home

values - $336,389

slide-22
SLIDE 22
  • Over the last 10 years unemployment has

dropped 68%

  • November 2019 - 3.9%
  • January 2010 - 12.2%

Br Brig ight ht Fu Futur ture

Unemployment rate is at historic low

slide-23
SLIDE 23

QUESTION & ANSWER

Rich History. Bright Future.