The May 21, 2012 Township Committee meeting minutes

[FYI-0806]

The May 21, 2012 Township Committee meeting minutes have been posted.

http://www.cranburytownship.org/TC-Documents/2012/TC_minutes052112.pdf

[From minutes-q7sn]

--Administrator’s Report
Ms. Marabello reported several years ago when Cranbury went out for a bond sale, Standard and Poor’s gave the Township a “AAA” bond rating. She stated they recently requested a phone conference to discuss the Township’s financials. She reported Standard and Poor’s is doing their “due diligence” on all municipalities and was requesting information on the Township’s general economy, real estate, tax appeals, and tax collection rate. Ms. Marabello stated Standard & Poor’s questions also focused on the Township’s surplus, the amount of the tax rate increase, whether the Township went up to the levy cap or not, and if there was a policy in place on how much surplus the Township wanted to keep in order to keep the taxes stable but not run out of surplus. She reported Standard & Poor’s stated they

[More from minutes]

Reports from Township Staff and Professionals

--Administrator’s Report (cont’d.)
like to see a township maintaining a certain amount of surplus to stay within the levy cap. Ms. Marabello reported she has been notified the Township will retain its “AAA”
rating. Mr. Mulligan stated it validated the Township Committee’s budget strategy, and Mayor Cook stated it shows having a surplus is significant.