Cliffside Park has received a stellar financial credit rating from Standard & Poor’s that will save money for taxpayers.
The credit agency reiterated the borough’s AA+ long-term credit rating after reviewing municipal finances when the borough recently obtained more than $14 million in long-term improvement bond financing for its ongoing revitalization project.
The town’s AA+ credit rating is higher than most municipalities in New Jersey and also the state government. As a result, the borough has a lower rate of interest when borrowing to fund its projects, thus saving money for taxpayers.
S & P also stated that the positive financial future of Cliffside Park could lead to an even higher rating hike if budgetary management practices continued.
“We are very proud of again achieving a AA+ plus rating, but our government takes nothing for granted,” said Mayor Tom Calabrese. “In fact, our ultimate goal is achieving an even higher rating to further assist our taxpayers.”
The credit agency cited both Cliffside Park’s “strong budgetary performance” and the governing body’s “conservative” philosophy of avoiding excessive or wasteful spending while also maintaining adequate cash reserves.
It further noted the borough’s “very strong economy,” coupled with its easy access to New York City, helped create a “robust residential market with {Cliffside Park’s) property tax base growing by more than $20 million for the past three years.”
Cliffside Park has allocated about $32 million its revitalization program, which has modernized the community with extensive enhancements of all parks and ballfields that hundreds of residents of all ages visit daily.
Roadways and sewers have been repaired and replaced; vast improvements were made at borough-owned buildings; recreation programs for children and seniors expanded; and safety features added at major intersections for pedestrians.
At the same time, the borough has obtained more than $18 million in grants during the same period with a record-breaking $10.3 million garnered this year.
The borough is moving forward with the planned construction of a 57,000-square foot recreation-education complex on Edgewater Road that will include both a new municipal building for both recreation and educational need along with a new public library.
Cliffside Park received $15 million in aid from the state of New Jersey to help fund the project, which among other things will provide the town with essential classroom space and much needed parking for residents visiting the municipal complex and high school. It also obtained a $5 million state grant for major sewer system upgrades.
