the staff of the Ridgewood blog
Ridgewood Nj, Village of Ridgewood Councilmember Evan Weitz once stated, “no big deal, we’ll just bond it and apply for grants”
Ridgewood resident Saurabh Dani asks in a Facebook post , “Does anyone who attends council meetings regularly have any insights on the cause of increased debt? (this is general bond, which excludes parking and water).”
2019 — $41,036,233
2020 — $46,856,605
2021 — $50,089,882
2022 — $45,943,125
2023 — $59,756,316
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Has Mr. Daniel noticed we still maintain a AAA credit rating? Yes, of course we need to watch the cost of debt service, but this is a good independent indicator that we are not going beyond our means.
The US Government is also AAA with 35 trillion in debt and increasing every day, so I don’t think much of any ratings. Besides, it still needs to be serviced, which is a drag on future budgets.
I second this response. The rating is simply a measure of being able to service the debt. Being able to service the debt has no bearing on the declining ability to fund new projects or maintain current programs.
That could be the stupidest comment of all time.
The AAA bond rating ceiling includes school bonding capacity. As of four years ago, Ridgewood schools had identified a need to bond 94M for projects. This was pre-covid.
If village expands its balance sheet too much, the schools will suffer.
370,000 dollar pavilion and bathrooms ( as a future expensive project ) at Habernickel. The smallest neighborhood park with a business in it that hosts camp ALL day ALL Summer and EVERY single holiday (including the most sacred Jewish holidays )with the ability to bring in 60 plus clients all YEAR long. Yes clients!!!!
No money for the town from these hours of overuse of a small residential park!!!
Getting bathrooms and a huge Pavilion??!!
For who???? But our tax dollars will pay for it. Why???
She helped Paul and his democratic friends route 4M in feed the frontline money. It’s pay back time.
How do we go from last year when they were talking about
Cutting back on employees to bonding spending borrowing spend spend spend
Furlough talk right before giving another paid day off for Juneteenth. Can’t make this crap up.
How far behind in taxes does someone have to be to have their home in foreclosure? It seems as if Ridgewood needed money that badly, we would start to look towards recouping some owed taxes?
They believe you can go at least two years without paying taxes then you could pay off the amount with interest possible fee, then the process starts if you don’t make a payment.
This isn’t rocket science kids.
Borrowing $18m in one year is a lot easier than going to the taxpayers to fund it in one go.
$18m divided by roughly 6,000 ratables properties is $3k per ratable. That is what your taxes should have gone up if we paid as we go.
A very very bad look.
FYI: the CDO’s had AAA rating till the 2008 meltdown , and so did Orange County before it went bankrupt
Ridgewood finalized their budget in April of 2024 and chose not to include any Schedler costs for soil testing for the contamination discoveries, based on the DEP mandate. They chose to then bond for $350,000.00 to cover expenses for archaeological surveys and for Matrix engineering. Council person Reynolds suggesting taking this money out of the already bonded money sitting in the Schedler fund and Vagianos, Perron, Winograd and Weitz all said no let’s bond instead. This is irresponsible management in addition to a ridiculous amount of spending on this project alone for a park that may take years to build. Village manager also plans to tap insurance for contaminated soil costs even though the village engineer was negligent regarding the original soil testing so it would seem fraudulent to lay such claims for insurance money but time will tell if
Kazmark can get this to go through or if additional bonds will then also needed to be floated for clean up.
“ridgewood resident” hahaha this blog is hilarious