Hunterdon County marks occasion of debt free decade
“Kuhl: Pay-As-You-Go Has Saved Taxpayers Nearly $4.5 Million”
HUNTERDON COUNTY, NJ – The Hunterdon County Board of Commissioners recently announced that county taxpayers have saved nearly $4.5 million in interest payments avoidance due to the county’s debt free status over the last ten years, according to an analysis by the County’s independent auditor.
Commissioner Director Jeff Kuhl who is also the liaison to the Finance Department said, “Maintaining a debt-free status for a decade is remarkable achievement and underscores the county’s commitment to fiscal responsibility and prudent financial management. This achievement allows us to continue providing essential
services to our residents without the burden of debt. I would like to thank my colleagues on this board, and those who have served in the past, for their shared approach to fiscal responsibility, and to our county staff that works with us to deliver the services our county needs at a price our taxpayers can afford.”
The county’s fiscal strategy has included a freeze on the county tax rate since 2018 and reduction of the tax rate to the 2015 level in the FY24 budget. These measures have been instrumental in maintaining the county’s debt-free status while ensuring the continued delivery of high-quality services to the community.
The Board’s on-going commitment to pay-as-you-go capital spending and strong fiscal controls have been instrumental in enabling the most recent reduction in the county tax rate. Independent auditors at Suplee, Clooney & Company prepared an analysis calculating that Hunterdon County taxpayers have saved an estimated $4.462 million in avoided interest payments over the last decade.
“This is a sizeable amount of money that would grow even higher with the spike in interest rates over the next couple of years,” Kuhl said.
Commissioner Shaun C. Van Doren, also the liaison on the Budget Committee said, “Our debt-free status is not just a financial milestone; it reflects our commitment to the taxpayers of Hunterdon County. By avoiding debt payments in our annual budget, we have been able to invest in critical infrastructure and community services without increasing the tax burden on our residents. This is a proud moment for all of us, and we will continue to prioritize sound financial practices.”
