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7/14/2014 - Mayor Kelly Yaede Announces that Hamilton Has Earned its 4th Consecutive Clean Audit of its Financial Management

 

Mayor Kelly Yaede Announces that Hamilton Has Earned its

4th Consecutive Clean Audit of its Financial Management

 

Mayor Kelly Yaede has announced that, for the fourth consecutive year, Hamilton Township has earned a “clean audit” of its financial management.

A “clean audit” illustrates that, from the perspective of an independent and certified municipal auditor, Hamilton Township’s municipal government operations are being conducted in manner demonstrating excellent financial management and fiscal oversight – where recommendations for corrective actions have not been suggested.

 

Dating back to 2011, Hamilton has continued to earn consecutive “clean audits” from an independent and certified municipal auditor, without recommendations for corrective action.  Municipal auditors are registered with the State of New Jersey; and audits are provided to the State’s local government regulatory section – the Division of Local Government Services.     

 

“After cutting over $3.3 million dollars in spending and contending with $5 million less in annual energy receipts being returned by the State to offset property taxes, this clean audit illustrates to our taxpayers that we are continuing our strong financial management practices, while spending less,” says Hamilton Township Mayor Kelly Yaede.    

 

“The fact that an independent, registered municipal auditor has continued to award Hamilton with consecutive clean audits really speaks to the high quality of financial controls, oversight and prudent management of taxpayer dollars, under the leadership of Mayor Yaede,” says Hamilton Township Chief Financial Officer John E. Barrett. 

 

The positive news builds upon Hamilton’s recent credit upgrade from Standard & Poor’s Rating Service, as well as the town’s fourth, consecutive year of meeting the highest level State of New Jersey recommended ‘best practices’ for local governments.

 

In May, Standard & Poor’s upgraded Hamilton’s long-term credit rating to ‘AA’ status and awarded the municipal government with a stable outlook.  In its positive assessment of the township, Standard & Poor’s stated that its rating reflected several areas, such as Hamilton’s:

 

  • Strong local economy
  • Adequate budget performance
  • Very strong liquidity
  • Strong Township management, characterizing Hamilton’s practices as "good" under the rating service’s Financial Management Assessment methodology
  • Low Debt

Last fall, Hamilton announced that it met the highest level of recommended ‘best practices’ for local governments by using 45 of 50 standards that the State’s 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.  This qualified the township for the highest level (a full 100 percent) of its eligible state aid.  Of particular note were Hamilton’s perfect scores in the areas of “Budget Preparation and Presentation” and “Disaster Preparedness/Resiliency”.