Mansfield Township eliminates all municipal debt without increasing local property taxes
MANSFIELD TOWNSHIP, N.J. (Warren County) — Mansfield Township has eliminated all of its short- and long-term municipal debt without increasing the municipal portion of local property taxes, township officials announced.
The Warren County municipality became debt-free effective Sept. 1 after paying off financial obligations used to fund past capital projects, some of which originated more than a decade ago, according to the township.
“Becoming debt free has been an important goal and is an extraordinary achievement for the Township. It is a testament to the discipline and dedication of our elected officials, both past and present, our municipal employees and of course our residents”, said Mayor Joseph Watters.
“We are particularly proud that our debt elimination achievement was accomplished without relying on increasing the municipal component of local property taxes which is something not commonly seen in other municipalities across the state and country”
Township officials said eliminating the debt will provide greater flexibility when planning for future capital needs while reducing costs associated with debt service and interest.
Officials said maintaining a strong financial position will also give the township more flexibility to respond to emerging needs, address infrastructure priorities and evaluate future projects.
The township credited current and former elected officials, municipal employees, financial professionals and residents for helping Mansfield reach the financial milestone.
Mansfield Township has approximately 8,000 residents and encompasses more than 30 square miles of residential, agricultural and light industrial areas. Founded in 1754, it is the oldest and third-largest municipality in Warren County, according to the township.
