Hunterdon County seeks approval to establish improvement authority for municipal cost savings
FLEMINGTON, N.J. (Hunterdon County) — The Hunterdon County Board of County Commissioners has approved a resolution to apply to the New Jersey Local Finance Board for the establishment of a Hunterdon County Improvement Authority.
The move, approved on July 15, aims to help municipalities reduce borrowing and debt management costs by leveraging the county’s strong financial position and Triple A bond rating.
The authority would provide towns with voluntary, cost-effective financing solutions for capital projects such as roadway improvements, the purchase of police patrol vehicles, acquisition of heavy equipment, and upgrades to open space and public parks.
The proposal stems from recommendations presented during this year’s Shared Services forums, as the county continues efforts to promote cost savings through intergovernmental collaboration.
An independent review by Phoenix Advisors concluded that municipalities could have saved nearly $700,000 in interest over the past two years had the program been in place.
“Through this shared service model, our local municipalities will see lower interest rates and administrative expenses by working directly with county government on borrowing needs,” said Commissioner Zach Rich, a member of the Budget Committee. “Taxpayers are seeing the direct benefit from our decade of no debt, strong financial controls, and top-tier credit rating.”
Participation in the program is entirely voluntary, and the county has included safeguards to protect itself in the rare event of a municipal default.
“This marks another step forward in Hunterdon County’s commitment to shared services and good governance,” said Commissioner Director John E. Lanza. “It’s a key part of the ongoing ‘New Era of Partnership’ we’ve built with our municipalities.”
