In a Show of Fiscal Strength, Monroe Retires $13 Million in Debt
MONROE – March 3, 2022 – Monroe Township has been able to retire $13 million in municipal debt in the past five years.
In 2017, the township had $67 million in net debt. This year, that number has dropped to $54 million. One reason for the debt reduction was a municipal refinance program in 2021, saving $2.3 million. Another reason is a stellar municipal bond rating, AA+, which ensures that Monroe can borrow money at the lowest interest rates available. A third reason: Careful spending.
“We have intentionally kept our debt capacity very low,” said Monroe Mayor Stephen Dalina. “We are also methodical and strategic in our planning. We have established a long-term capital program that is conservative. When we retire debt, we move to the next important new project.”
In 2017, Monroe was only using 23% of its debt capacity, considerably lower than most other government entities. By 2022, the Township was only using 16% of its debt capacity and even lower debt percentage.
“There is certainly room for us to take on a few smaller projects,” Dalina said. “We are committed to identifying the right investments for our community’s future.”
The benefits of low municipal debt have been evident. For years, Monroe has had the second lowest overall effective tax rate in Middlesex County, despite introducing a number of new programs and services to residents. For example, the Township has a state-of-the-art library, as well as a senior center that is unparalleled in the region. Parks and fields are pristine, and all the emergency response units have the latest equipment and training.
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All media inquiries may be directed to the Monroe Township’s Public Information Officer Stacey Kennedy at 732-521-4400 or