SPARTA, NJ – Sparta Township continues to have a AA+ bond rating, according to the audit presented at the township council meeting on Tuesday, August 13 by Tom Ferry.
“The state of affairs are basically very good in Sparta,” the auditor said.
The only comment is due to a statutory requirement. Ferry said there is an unfunded ordinance that is more than five years old.
“It is from 2010-2011 for sewer and water utilities,” Ferry said.
The $142,000 will be funded in upcoming budgets township manager Bill Close said.
Ferry pointed to “the magnitude of recommendations that have been cleaned up” allowing for he and Sam Rome the township CFO to “dig deeper,” in the audit process, looking to the future.
Close said seven years ago there were more than 30 audit recommendations. “We went from 30+ to one this year,” Close said. “Tom [Ferry] and Sam [Rome] and the staff, all the department heads have contributed to that, assisting with the budget and bonds. They have been a critical component to the success we’ve been able to achieve.”
The bond rating is “one click below AAA,” Ferry said. “We won’t rest until we get AAA.”
“We’re confident we’ve positioned ourselves to be considered for that,” Close said.
“Spectacular job,” Mayor Molly Whilesmith said. Putting it into perspective Whilesmith said the total budget approximately $27 million, the only issue was $142,000 that will be funded in the next budget. “It’s a spectacular position to be in.”
"With nothing outstanding from last year to this, they are to be commended on how close to the mark we were," Councilman Dave Smith said.
"When you don't overreach, it just goes to show what you can do," Ferry said.
Whilesmith said they will "continue to stay the course and not borrow when it's not necessary."