BOROUGH - IMPORTANT CURRENT TOPICS
Spring Clean-up/Storm Clean-up Information
April 24 is the final week of Spring Clean-up for 2017. During the week of April 24, the leaf machine will be out; place raked leaves in piles at the park strip. Please do not placed the piles in the street; Borough Ordinance #139-1 prohibits this. Also, do not place branches on top of leaf piles. Please have your loose leaves out prior to your trash day to ensure collection by this truck. During Spring Clean-up the Borough also relaxes the restrictions regarding trash limits and encourages residents to clean out basements, attics, etc. For additional information see Spring Clean-up.
The Chipper has complete clean-up after the March storm; all streets have been visited twice. During the week of May 1 the chipper returns to the regular once per month schedule; it will be out the 1st full week of May on the trash day.
The Camden County Board of Freeholders is proud to announce the State's first countywide Smart911 system. This program will save critical time in emergency situations. Smart911 is a free nationwide service that allows users to create a Smart911 Safety Profile, which provides vital information to emergency dispatchers and first responders during an emergency. Camden County residents are encouraged to create their safety profile with Smart911 to have their information available to dispatchers and to receive emergency notifications. Smart911 is private and secure, and only made available to the 9-1-1 system. To sign up please click here: https://www.smart911.com/smart911/registration/registrationLanding.action
Emergency Notification System
The Haddonfield Police Dept. in conjunction with the Camden County Office of Emergency Management announce the Borough's participation of a new emergency notification system for Haddonfield. "Swift911" is a reverse 911 system that will enable the Police Dept. to broadcast emergency notifications via Text, Voice and Email of emergent information for the Borough. Please click here for registration: https://portalv4.swiftreach.com/portal.aspx?c=202253
Storm Clean-Up Information
Due to the storm there are many down trees and down branches. The Chipper Truck will be out next week starting March 20th. Please have your limbs and branches loose at the curb, not tied up. The Chipper Truck cannot accept branches and limbs 6 inches in diameter or greater, those are just too large for our equipment. Please place your limbs and branches at the curb on your trash day, we will likely not be able to maintain the schedule so leave out the debris until it is picked up. The Veg truck will also be out next week, so please have your bagged or green-canned veg waste at the curb on your trash day.
IMPORTANT STORM INFORMATION
Due to the storm there are many down trees and down wires. DO NOT APPROACH DOWN WIRES!
For emergencies please call 9-1-1.
Public Works Dept. is without power and phones, please use the following list to report issues---
To report down wires call: Police Dispatch 856-429-3000
To report a down tree/down limbs/trees and limbs in street call: Police Dispatch 429-3000
To report power outage call: PSE&G 1-800-436-7734
For non-emergencies please call: 429-4700 x 200
Trash and Recycling Rescheduled
Due to the upcoming weather event, Tuesday's Trash and Recycling collection will be postponed until Wednesday, 3/15/17. The expectation is that on Wednesday, both the Tuesday and Wednesday trash and recycling routes will be collected. Please share this with your neighbors.
New way to report concerns
We’ve made some new changes to the website! When you report a pothole, an animal issue, trash or recycling problems or issues with trees etc., through this online program you will receive an email back to let you know we have your concern and you will be contacted when the Borough has completed work on the issue. This new function also allows you to view various town maps to look up things like property values and taxes. We’re putting the power of information into your hands! We hope this interactive section will make it easier for you to report issues and know when they have been completed. This streamlined program will help our offices connect with each other to resolve problems and work in a more cohesive way to improve the Borough. You will be able to access this new program on our website https://main.govpilot.com/web/public/bfe69664-845.html?id=0&uid=7072&pu=1&ust=NJ
Statement by Mayor Kasko on JCC Bomb Threat
Press Release of 2/28/2017
This morning, I was saddened to read about the horrible threat directed at the Katz Jewish Community Center and the Jewish Federation of Southern New Jersey in Cherry Hill. I am relieved that the threat of a bomb was just that, and that no one was injured or put in a life-threatening situation. I join Cherry Hill Mayor Chuck Cahn, other elected officials, and area religious leaders in condemning this action and supporting a full investigation and prosecution of those guilty of this abhorrent act of intimidation and threat of violence. I know too many people, myself included, who have attended programs and activities at the JCC, including many Haddonfield children, families, and senior citizens, and we deserve a JCC that is safe from this type of uncivilized threat. As others have said similarly before, "An act of intimidation or violence against anyone is an act against all of us." I strongly believe that the safety and sanctity of every human life, and the freedom of religious belief, are bedrock principles for our nation. No community or elected official should stand by silently when an act of intimidation, hatred, or violence occurs nearby. I want the Jewish community in Haddonfield and South Jersey to know that I join government officials at all levels in working to provide a safe and secure environment for all people and condemning this type of criminal behavior.
Signed: Mayor Jeffrey Kasko
Trash, Recycling & Veg Schedule Week of 2/20/17
Mon. 2/20/17: Trash on Schedule, Recycling postponed to 2/21/17
Tues. 2/21/17 Trash and Recycling on Schedule
Schedule for Vegetative yard debris in green cans and paper bags is as follows during the week of 2/20:
Monday and Tuesday routes will be collected on Wednesday, 2/22/17
Wednesday and Thursday routes will be collected on Thursday, 2/23/17
Friday route will be collected on Friday, 2/24/17
Statement from the Haddonfield Human Relations Commission
In these challenging times, when many Americans are questioning the motivations and decisions of federal executive, legislative and judicial officials, including those actions regarding our nation's borders, immigration and refugee policies, and human rights, we would like to reaffirm our support for fair and just laws that respect our history as a nation of immigrants. We would also like to reaffirm our support for respecting human dignity, valuing diversity in our community, and ensuring our town is a welcoming place for all people, regardless of ethnicity, national origin, religion, gender, sexual orientation, education, or socio-economic status. The Haddonfield Human Relations Commission offers a platform for discussion of these and other issues and welcomes residents to our public meetings held in Borough Hall on the third Thursday of each month at 7:30 p.m.
Chairman: Carl Maugeri
Members: Linda Brees, Wendy Brown-Blau, Kelly Gilrain, Heather Kumor, Ellen Stone, Lori Warsaw, Mayor Jeff Kasko, ex officio.
Property Tax Card Program
The Borough of Haddonfield is pleased to announce a new property tax and shopping incentive program, sponsored by the Partnership for Haddonfield and Republic Bank, that allows you to receive a percentage of your local purchases back as a credit on your property tax bill! It’s as easy as using the Shop Haddonfield reward card when you shop at participating Haddonfield businesses. Renters and visitors can also participate and receive an annual rebate check. To find out more information go to http://www.haddonfieldnj.org/departments/taxes_finances_and_budget/property_tax_card_program.php
Trash, Recycling & Chipper Schedules, Week of January 2, 2017
Trash & Recycling will be collected as follows:
Mon. 1/2/17: Trash on Schedule; Recycling Postponed to 1/3/17
Tues. 1/3 - 1/6/17 - Trash & Recycling on Schedule
The Chipper will collect Christmas Trees and unbundled branches during the weeks of January 3 & 9, 2017. Please place them for collection on your trash day. The Public Works Dept. is closed on January 2.
The next scheduled collection by the Veg Truck for Veg debris in green cans and brown paper bags is the 3rd week of the month, Jan. 16 - 20.
The Haddonfield Board of Commissioners was approached many months ago by Boxwood Arts, an organization proposing to build a theater arts center behind, and attached to, Boxwood Hall. The Commissioners felt there was merit to this proposal and agreed to give Boxwood arts time to explore this project.
While this matter has recently been in the press, Boxwood Arts remains in the exploratory phase of this project, and has not yet submitted any applications to the Borough. The Borough continues to allow them time to see if they can bring this concept to the application stage.
If, and when, Boxwood Arts is prepared to bring an application, they must go through several approval steps. The first step will be to update the zoning on this property to allow its use as a theater. This rezoning process will set the parameters any construction must meet. Changing the zoning for this parcel will be done through the Planning Board. If this passes, Boxwood Arts must then bring their plans to the Haddonfield Historic Preservation Commission, as well as the State Historic Preservation Office (SHIPO). If approval is obtained, the application would go to the Planning Board for review.
Public input and comment will be encouraged at each step in this process, and Boxwood Arts will need to convince these Boards that this project is well conceived and appropriate.
The Commissioners are committed to following the recommendations of the Boards. The Commissioners are also committed to ensuring this project is not subsidized by Borough tax dollars. One possible scenario is for Boxwood Arts to lease the land from the Borough for a fee that takes in to account what the Borough spent to acquire that property, and the property taxes lost, as well as ensure the Borough will not be financially liable if the project turns out not to be successful.
Leaf Collection 2016
Leaf Collection Update
2016 Leaf Collection has been completed. Any remaining leaves can be placed in cans or brown paper bags for collection by the Veg Truck on the trash day during the week of December 19.
DO NOT PUT LEAVES IN THE STREET: Violation Notices will be given to any residence where leaves are found in the street.
Trash, Recycling & Veg Pickup Thanksgiving Week:
Monday, Tuesday, Wednesday routes: Normal Schedule.
Thursday routes: Trash, Recycling and Veg will be collected on Friday 11/25/16
Friday routes: Trash will be collected on Friday,11/25/16; Recycling and Veg will be collected on Saturday 11/26/16
Leaf Collection will begin on Monday, October 31, 2016 and last for approximately 6 weeks. It is important for residents to remember that per Borough Ordinance 195-9.1 leaves which are not in containers are permitted to be placed at the curb only during the 7 days prior to the scheduled collection. No leaves may be placed in the street as this is a violation of State Stormwater Laws; this debris also clogs storm drains during foul weather. Prior October 31, leaves and yard debris may be placed for curbside collection in green cans, cans with borough supplied Yard Waste stickers, or brown paper biodegradable bags.
Click here to see Borough Code for requirements for Leaf and Yard Waste Placement
A reminder: The week of October 24, 2016 is the end of weekly vegetative waste pickup until April 2017. From November through March veg debris is collected only during the third full week of each month, which begins on the third Monday of the month. In November veg will be collected the week of November 21.
Trash, Vegetative and Chipper Schedules, Week of Sept. 5, 2016
- Trash, Recycling, and Vegetative Pick-up for Monday and Tuesday routes will be collected on Tuesday, Sept. 6. Any overflow remaining from those sections will be collected on Wednesday. It is estimated that all sections will be on schedule beginning Wednesday, Sept. 7.
- Chipping will begin for the Monday section on Tuesday, Sept. 6 and continue through the week until every street has been completed. Please have branches out by 7:00am on your trash day to ensure pickup.
Water Service Interruption Update
***UPDATE*** The overnight water service interruption that was scheduled for tonight 8/4 on Friends Ave and Kings highway has been moved to Tuesday August 9th. The water will be shut off at the same time 11:45pm-6:00am so work on the main can proceed at night. If you have any questions or concerns please contact New Jersey American Water at 1-800-652-6987 or the local construction office at 856-255-2046.
Overnight Water Service Interruption, Thursday Aug. 4, 2016
New Jersey American Water will be performing overnight construction work at the intersection of Friends Ave and Kings Highway on Thursday Aug. 4th. The work will be done at night to minimize the impact of the project on traffic and water disruption. Work will begin at approx. 11:45pm and continue on through the night until approx. 6:00am the following day, Friday Aug. 5th. During this time water will be shut off in the affected area. Services will be restored as quickly as possible, when service is restored you may experience discolored water for a short period of time. If this occurs please run your cold tap for a short while. The discolored water is not harmful in any way. Please contact NJAW with any questions or concerns at 1-800-652-6987 or the local construction office at 856-225-2046.
Camden County Department of Health and Human Services
The h1n1 flu outbreak continues to grow in the United States and internationally. Confirmed cases have been reported in New Jersey. An updated case count of confirmed h1n1 flu infections in the United States is kept at Centers for Disease and Control and Prevention’s link shown below. The CDC and local and state health agencies are working together to investigate this situation. Pertinent information regarding signs and symptoms and what can be done to help prevent infection can be obtained from all the links shown below.
The New Jersey Department of Health and Senior Services has opened a toll-free telephone line for the general public to call in regards to H1N1 Influenza and Vaccine. The telephone line will be operational Monday through Friday, from 9 a.m. to 5 p.m. The number is 1-866-321-9571.
For more information on the H1N1 Influenza outbreak, please visit the following websites:
Camden County Department of Health and Human Services at www.camdencounty.com
State of New Jersey Department of Health and Senior Services at http://www.state.nj.us/health/flu/h1n1.shtml
Centers for Disease Control and Prevention at http://www.cdc.gov/h1n1flu/general_info.htm
Additional Federal information: http://www.flu.gov/
Budget Review Committee Updates
Abbreviated Detail Revenue Account Status (PDF)
Abbreviated Detail Revenue Account Status 12/31/09 (PDF)
Budget Review Committee Updates-May 2010 (PDF)
The Budget Process (PDF)
5 Year Revenue Comparison (PDF)
DetailRevenue Account Status (PDF)
Detail Budget Account Status (PDF)
Advisory Board Members - Library Architect Project
4/1/09 - The Commissioners will be putting together a 9 member advisory board, consisting of a diverse group of residents, to meet with the architectural firm that will be hired to review current conditions and possible expansion of the Haddonfield Public Library. If you are interested in participating with this group please email your contact information to firstname.lastname@example.org with "Advisory Board Member - Library Architect" in the subject line.
Camden County – Mosquito Extermination Commission
The Mosquito Extermination Commission has conducted mosquito control operations throughout the county for many years. They are licensed to do so and keep up with changing methods so that they use state of the art techniques. Since the first week of a mosquito’s life must be in water the management of water is the first line of defense. The County cleans stream, stocks fish and investigates man made conditions that hold water. If mosquitoes are already developing in water there are insecticides that can be applied to any natural water body or artificial container. If adult mosquitoes are already on the wing they can administer an Ultra Low Volume spray to a specific area. In addition, the County is constantly reaching out to the public to remind them to prevent mosquito development on their property by eliminating stagnant water.
The importation of West Nile virus and the resulting outbreak of West Nile Fever in New York in 1999 alarmed the public anew to the diseases that can be spread by mosquitoes. There is a dramatic increase in the number of residents who want their neighborhood “spayed” like was done in New York City. At the same time some people want to know what is happening and if the treatment is really needed. The facts are that West Nile Fever virus has now been found in people and other animals throughout the country. In 2003 there were 9, 122 clinical human cases from 45 states and Washington, DC. Of those cases 223 people died. Even with this rapid spread and the increase in cases in other states, the number in New Jersey has been kept in check. Although, the number of human cases in NJ continued to increase in spite of the existing sanitation ordinances, preventive mosquito control and common sense on the part of the public. Atlantic, Burlington and Ocean Counties also had human cases of Eastern Encephalitis in 2003. Eastern Encephalitis is a much more serious disease than West Nile Fever and it has a long history in our county. Keeping mosquitoes under control and generally keeping disease outbreaks from gathering momentum in Camden County is the Mosquito Extermination Commission’s mandate.
Below are links to information provided to the municipalities within Camden County regarding mosquitoes:
Mosquito Problems Start At Home
A New Species of Mosquito Found in Camden County – Asian Tiger
Mosquitoes – What Everyone Should Know
Fyfanon – A Mosquito Control Product
Scourge® - A Mosquito Control Product
HADDONFIELD RECEIVES REPORT ON LIBRARY NEEDSThe Haddonfield Borough Commissioners and the Public Library's Board of Trustees have received a report detailing the recommended basic requirements for a modern public library to serve the community's 11,600 residents.
Titled "Library Program (A vision for the future)", the 55-page report was prepared by Leslie and Alan Burger, the principals of Library Development Solutions, a Princeton consulting firm. Using a series of focus groups, a town meeting, and a user survey, the consultants developed a “community needs assessment" that identifies preferences for library services and facilities. In addition, they evaluated the current library's space to determine options for delivering modern library services within that space, and prepared a library program to guide an architect in designing a new library building.
Given "the lack of other available and affordable options in Haddonfield," the consultants recommend that the existing building be replaced with a “modern, energy efficient, highly functional new library." The minimum size would be 22,355 square feet in area, providing expanded service areas for adults, new areas for teens and children, and more community meeting space. Such a facility would house between 65,000 and 80,000 items. The estimates of need are based on Haddonfield's anticipated population size for the next 25 years.
Using current rates of $300 per square foot for functional space and $275 per square foot for “non-assignable” space, the consultants estimate that the new building would cost slightly less than $8.3 million, if built today. They note that costs can be expected to rise by 5 to 7 percent per year.
The “basic library program” provided by the consultants describes the types of features they believe should be incorporated in a new building. The report also lists a number of “contemporary options" that could enhance the basic program, at additional space and cost.
The library program details needs in the following areas: exterior requirements, entrances, interior recommendations, adult services, and children's space. For each functional area of the library, the report describes the activities to be provided for and gives estimates of the area required, the number of people to be accommodated (public, staff, and daily traffic), the numbers of seats and computers to be provided, and the kinds and numbers of materials (books and "non-books") to be housed. It also lists the appropriate architectural features, ambience, furnishings, and equipment, and defines the desired proximity to and distance from other key functional areas in the building. An architect would use these specifications to allocate and relate spaces in a new building design.
The Borough Commissioners have not yet evaluated the consultants' recommendations. They will schedule a date, time, and location for a public meeting at which Library Development Solutions will present and discuss their report. Several dates in early February are being considered. Copies of the report are available for perusal at the Public Library and in Room 101 of the Borough Hall or download here. The document may also be downloaded from the Public Library's Web site: www.haddonfieldlibrary.org .
FORECLOSURE FACTS & ASSISTANCE
MAY 2011 UPDATE -
The HomeKeeper Program offers financial help to New Jersey homeowners who are in danger of losing their homes as a direct result of unemployment or underemployment. Eligible homeowners must demonstrate that they were making their mortgage payments up until the time of unemployment or underemployment, and the unemployment or underemployment must have occurred within the 12 months preceding the date of their application.
Eligible homeowners may receive up to $48,000 in assistance for a term of up to 24 months. The assistance may be used to help homeowners make their mortgage payments while they seek work or complete an approved job training program and/or may be used to help with arrearages.
HomeKeeper assistance is provided in the form of a second mortgage load, repayable should the homeowner sell, refinance, transfer or cease to occupy the property within 10 years from the date of the assistance loan.
New Jersey HomeKeeper is funded through a federal grant from the United States Treasury’s Hardest Hit Fund.
For more information, go to www.njhomekeeper.gov or contact the toll-free Homekeeper call center at (855)-NJ-KEEP-1.
The NJ HOPE (Home Ownership Preservation Effort) website provides information about resources that are available for homeowners who are delinquent in their mortgage payments, need counseling or have questions. Additional materials and sources of information on buying a home, mortgage assistance and foreclosure is available by clicking here.
The New Jersey Neighborhood Stabilization Program (NSP) is receiving a $51 million award from the US Department of Housing and Urba
Development as part of the Housing and Economic Recovery Act of 2008. The NSP, which is administered by the NJ Department of Community Affairs, will provide funds to municipalities and non-profit and/or for-profit developers to acquire and redevelop foreclosed properties Applications for funding under this program must be submitted by February 6, 2009. More information can be found at DCA's website, www.state.nj.us/dca.
The Office of Housing and Economic Opportunities, Inc., in conjunction with Camden County Board of Freeholders, is proud to present a program that can put cash in your hands for your first home purchase, while also providing you with the knowledge necessary to deal with credit issues that re intertwined with every sale and repair. The Mortgage Readiness Initiative for First Time Home Buyers can do just that! Please click here for more information.
The New Jersey Public Advocate's Office has put together information regarding "Tenants' Rights During Foreclosure".Please click here to access their "Hot Issues" webpage and follow the link to these Tenants' Rights
BOROUGH OF HADDONFIELD – AMENDED COAH 3RD ROUND PLAN BASED ON REVISED COAH REGULATIONS OF 2008
The Planning Board held a public hearing on Tuesday, December 9, 2008 at 6:00 p.m. in the Borough Hall Auditorium. The Plan, which amends the Borough’s Master Plan, was approved at this meeting (click here for the Planning Board’s resolution adopting the plan)
Once the Planning Board approved the plan, the Borough Commissioners considered it at their regularly scheduled meeting on Tuesday, December 9, 2008 at 7:30 p.m. The Commissioner voted unanimously to endorse the plan and petition the New Jersey Council on Affordable Housing for substantive certification (click here for the Board of Commissioners’ resolution).
Please click here to review the plan. (13.57 MB)
In addition, copies of the plan are available in the Borough Administration Office (Room 101) in Borough Hall, 242 Kings Highway East, Haddonfield, New Jersey during regular office hours (Monday through Friday, 8:30 a.m. to 4:30 p.m.) for a fee of $33.50.
OTHER CURRENT TOPICS
Notification that a wheaton colored Rhodesian Ridgeback dog, with a red license tag numbered 151-01-2010, residing at 133 Upland Way has been found to be a Potentially Dangerous Dog by the Haddonfield Court system as per N.J.S.A. 4:19-23 through 36. The restrictions placed on this animal are as follows:
- When moved from an enclosure specifically erected and maintained for said animal, be securely muzzled and restrained with a tether approved by the animal control officer and having a minimum tensile strength sufficiently in excess of that required to restrict the potentially dangerous dog’s movements to a radius of no more than three (3’) feet from the owner and under the direct supervision of the owner.
Violations of this requirement should be reported to Central Dispatch at 856-429-3000.
MOODY'S ASSIGNS Aa3 TO BOROUGH OF HADDONFIELD'S (NJ) $4.94 MILLION WATER AND SEWER UTILITY BONDS, SERIES 2008
TOTAL OF $13 MILLION IN OUTSTANDING PARITY DEBT, INCLUDING CURRENT OFFERING
Haddonfield (Borough of) NJ
Water and Sewer Utility Bonds, Series 2008 Aa3
Sale Amount $4,936,000
Expected Sale Date 07/01/08
Rating Description General Obligation Unlimited Tax
NEW YORK, June 25, 2008 -- Moody's has assigned a Aa3 rating to the Borough of Haddonfield's (NJ) $4.94 million Water and Sewer Utility Bonds, Series 2008. Concurrently, Moody's has affirmed the Aa3 rating on the borough's $8.1 million in outstanding parity debt. Proceeds from the current issue, secured by the borough's general obligation unlimited tax pledge, will permanently finance $1.49 million in maturing bond anticipation notes and provide $3.98 million in new money for various water and sewer utility improvements. The Aa3 rating reflects the borough's mature and moderately-sized tax base with strong wealth levels, average debt burden, and healthy financial position.
HEALTHY FINANCIAL POSITION WITH STRONG RESERVE LEVELS OFFSET BY LARGE SCHOOL
Moody's expects that the borough's financial position will remain strong given taxpayer support for services and sound fiscal management. In fiscal 2006, the borough fully replenished the $1.7 million of appropriated reserves and added $1.2 million to fund balance, increasing Current Fund balance to $3.5 million or a healthy 25.9% of Current Fund revenues. Primary sources of fund balance replenishment included an increase in the school tax deferral ($848,000), excess property taxes ($781,000), nonbudgeted revenues ($460,000), and unexpected miscellaneous revenues ($221,000). Unaudited fiscal 2007 results indicate the borough replenished all but $270,000 of the higher $2.3 million of appropriated fund balance, decreasing Current Fund balance slightly to $3.22 million (a still healthy 25.1% of Current Fund revenues). Despite the modest draw down, the borough did not increase the school tax deferral to help replenish the appropriated fund balance for the first time in several years. Primary sources of replenishment included excess property taxes ($766,000), nonbudgeted revenues ($400,000), unexpected miscellaneous revenues ($300,000), and lapsed appropriations ($261,000).
The borough defers payment of approximately $14.2 million (a sizeable 4.4 times Current Fund balance) of the local school tax levy, which represents 48% of the maximum statutorily allowable 50% of the school tax levy. Management typically maintains this deferred amount at the maximum level annually, but changed this practice in 2007 by not increasing the deferred amount. Moving forward officials intend to maintain the current deferred amount and may reduce it over time. The deferred amount represents an off-balance sheet liability, which Moody's believes could create fiscal vulnerability in the event that school property taxes are reduced. The majority of the borough's revenue is derived from property taxes (72.2% in fiscal 2007), supported by a strong tax collection rate averaging 99% on a current basis for the last seven years.
The proposed fiscal 2008 budget includes a $2.32 million reserve appropriation, which management expects to replenish from similar sources as in the past. Notably, the fiscal 2008 budget represents the first affected by a newly-adopted state property tax legislation which, aside from very specific exceptions, limits a municipality's property tax levy to 4% annual increases.
Despite the borough's relatively high dependence on property taxes to support operations, due to conservative budgeting and close monitoring of expenditures, the borough was able to stay $137,000 below the 4% levy limitation with only a modest increase in reserve appropriation. The borough is expected to continue to closely manage its expenditures, but the new limitation may result in increased use of fund balance and/or less conservative budgeting practices over time. Future rating reviews will incorporate management's ability to maintain financial stability and current reserve levels in a more stringent legal environment. For more information on New Jersey's tax reform legislation, please refer to our special comment entitled "New Jersey Property Tax Reform Expected to Place Fiscal Pressure on Some New Jersey Municipalities" dated April 2007.
AFFLUENT SUBURB OF PHILADELPHIA
Haddonfield's moderately-sized $2.2 billion tax base will likely remain stable given the affluent and built out nature of the suburban community. Located in Camden County (rated A1), eight miles east of Philadelphia (rated Baa1/stable outlook), the 2.1 square mile borough is primarily residential (88% assessed value) with residents commuting to Philadelphia and the surrounding areas for employment via PATCO, a high-speed train with a station in the borough, I -295 and the New Jersey Turnpike. Assessed valuation growth has averaged less than 1% annually from 2003 to 2008, reflective of the built-out nature of the community, while equalized valuation growth averaged a stronger 9.2% over the same time period, capturing regional market appreciation, which slowed to approximately a quarter of the prior year's rate in 2008. The borough completed a revaluation that became effective in 2008. The borough prudently created a $150,000 tax appeal reserve in the 2008 budget, which officials believe will sufficiently cover the small number of pending tax appeals. New development is on hold pending the state's adoption of new affordable housing rules, which may occur at the end of the summer at the earliest. Management has adopted new zoning laws for its downtown area in preparation for a potential mixed-use development. Current growth primarily consists of tear downs of older housing stock replaced with new homes on the same site, as well as home additions. Income levels are roughly twice the national medians and one and one-half times the state medians, with equalized value per capita at a strong $188,849 (132% of state median).
AVERAGE DEBT BURDEN EXPECTED TO REMAIN MANAGEABLE
The borough's debt position will likely remain manageable given moderate future borrowing plans. The borough's direct debt burden is average at 0.7% of equalized valuation, and increases to a still average 2% when accounting for the borough's pro rata share of overlapping county and school district debt obligations. Debt service comprised a moderate 7.2% of 2006 operating expenditures, reflecting the below average amortization of principal (55.8% retired in 10 years). Officials anticipate issuing approximately $1 million to $1.5 million annually in short term notes for capital needs for the next three years. A new library project may result in an additional $5 million borrowing in the medium to long term. The borough has historically issued bond anticipation notes before permanently financing them as market conditions dictate. The borough has no exposure to variable rate debt or derivative products.
2006 Population: 11,515 (1.2% decrease since 2000)
2008 Equalized value: $2.2 billion
2008 Equalized value per capita: $188,849
1999 Per Capita Income (as % of NJ and US): $43,170 (160% and 200%)
1999 Median Family Income (as % of NJ and US): $103,597 (159% and 207%)
Direct debt burden: 0.7%
Overall debt burden: 2%
Payout of principal (10 years): 55.8%
2006 Current Fund balance: $3.5 million (25.9% of Current Fund revenues)
2007 Current Fund balance (unaudited): $3.2 million (25.1% of Current Fund revenues)
Post-sale Parity Debt Outstanding: $13 million
John Medina, Analyst, Public Finance Group, Moody's Investors Service
Elizabeth Bergman, Backup Analyst, Public Finance Group, Moody's Investors Service
Geordie Thompson, Senior Credit Officer, Public Finance Group, Moody's Investors Service
Journalists: (212) 553-0376
Research Clients: (212) 553-1653
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