Toms River in “Good Financial Shape”, township officials say
An independent audit of the township's finances found that they are in good shape for the sixth year in a row, according to the report completed by Holman, Frenia & Allison, the certified public accounting firm hired to audit the town’s financial records.
Their report finds that Toms River is in an overall strong financial position, with over $29,000,000.00 in unassigned fund balance (a.k.a. “cash surplus”) as of December 31, 2017.
For the past six audits, between 2012 – 2017, the auditors issued no findings, comments or recommendations.
The town also paid off approximately $12,036,000.00 in long-term debt in 2017.
"The Town remains in a solid financial position," Toms River Mayor Tom Kelaher said. "We are very pleased with the findings in this report. Being wise stewards of the Town's financial resources is one of our top priorities and responsibilities."
Toms River has an annual budget of roughly $125,000,000.00 with tax collections near $300,000,000.00.
“The audit has concluded that we are in a solid financial position and the governing body has shown to be strong, conservative financial managers,” Council President Brian Kubiel said.
This news comes nearly six-years after Superstorm Sandy devastated the Jersey Shore and Toms River among many other towns are still rebuilding from the storms effects.
Toms River currently holds a "AA bond rating" with Standard and Poor’s (S&P), and maintains an "Aa3 rating" from Moody’s, both of which characterize entities of high financial quality with a low credit risk.
Their bond rating is close to another Ocean County municipality in Berkeley Township who had their bond rating go up by S&P back in January.
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