Debt cap for Board Of Education
Dear Nutley Board of Education,
This is a request for public records made under OPRA and the common law right of access. Please acknowledge receipt of this message.
Records requested:
Please provide the debt cap for the Nutley Board of Education.
Yours faithfully,
Tammy Rossi
Ms. Rossi,
As was reported at the October 17, 2018 Town Hall, the district's Debt
Limit is determined at 4% of the Average Equalized Valuation of Taxable
Property in the municipality less the district's current outstanding
debt. Below are the figures as of June 30, 2017 that were reported at
that presentation and the updated figures I just received from the
auditors for June 30, 2018.
As of June 30, 2017 the Debt Limit was $144,771,418
Less the Outstanding Debt of $40,865,000
Legal Debt Margin Remaining was $103,906,418
As of June 30, 2018 the Debt Limit was $145,881,342
Less the Outstanding Debt of $38,865,000
Legal Debt Margin Remaining was $107,016,342
As you can see, the proposed referendum is well under the $107M margin.
Sincerely,
Karen Yeamans
Quoting Tammy Rossi
<[1][OPRA #2782 email]>:
Dear Nutley Board of Education,
This is a request for public records made under OPRA and the common law
right of access. Please acknowledge receipt of this message.
Records requested:
Please provide the debt cap for the Nutley Board of Education.
Yours faithfully,
Tammy Rossi
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Karen A. Yeamans
Business Administrator/Board Secretary
Nutley Board of Education
973-661-8797 phone
973-320-8475 fax
[email address]
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