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10/22/2015 - Hamilton’s ‘Best Practices’ Qualifies Township For Full 100% of State Aid for 6th Consecutive Year

 

Hamilton’s ‘Best Practices’ Qualifies Township For

Full 100% of State Aid for 6th Consecutive Year

 

For a sixth, consecutive year, Hamilton Township’s use of State of New Jersey recommended ‘best practices’ for local governments will allow Hamilton to be eligible for a full 100% of its possible State Aid.  

Recently, Hamilton Township submitted its completed ‘Local Government Best Practices” checklist to the State of New Jersey’s Division of Local Government Services.  

The checklist includes 50 standards that the Division of Local Government Services considers to be among the best practices in terms of general management, financial management and other local government service areas.  The submission must be certified by both the Township’s Chief Financial Officer and Chief Administrative Officer. 

Scores on the checklist range from 0-50 with towns’ scores placing them into levels that determine the percentage of State Aid that they will be eligible to receive.  Based upon their scores, towns may receive anywhere from 95% to 100% of their final State Aid payout. 

“Our administration’s record of continuing to meet the highest level of State recommended best practices for local governments not only allows us to return the full amount of our taxpayers’ State Aid dollars to offset property taxes, but also illustrates our continuing efforts to be prudent stewards of our hardworking residents’ tax dollars,” explains Hamilton Township Mayor Kelly Yaede.  “Our continuing work to employ State recommended best practices has contributed to the stabilization of Township taxes and has helped us to deliver the second lowest average property tax bill in the entire county.”          

Hamilton’s conformance to the State’s recommended highest levels of best practices for local government builds further upon Standard & Poor’s Rating Service reaffirmation of the Township’s long-term credit rating – which awarded the Township a stable outlook – in May of this year.  

Standard & Poor’s credited Hamilton for “strong management”, low overall net debt and a “strong economy”.

 http://www.hamiltonnj.com/filestorage/228428/260204/S_%2B_P_Credit_Rating_for_Hamilton_Twp_Mercer_Cnty_NJ_May_2015.pdf

 

Standard & Poor’s based its outlook upon its view of Hamilton Township as having 

ü  A strong local economy

o   Hamilton’s market value grew by 2.8% over the past year, while its projected per capita effective buying income ranks at 124% of the U.S. level.

ü  Strong Management

o   In its report, Standard & Poor’s stated the following:

“We view the Hamilton's management as strong, with "good" financial policies and practices under our Financial Management Assessment methodology…”

ü  Very strong liquidity

ü  Adequate budget performance

ü  Adequate budgetary flexibility

ü  Adequate debt and contingent liability profile

ü  Strong institutional framework