As your mayor, I believe you deserve to know how your tax dollars are being managed. It’s about being open, being communicative and showing that our team is working hard to keep our township on solid financial ground.
A clean, annual audit, a strong bond rating and a responsible municipal budget demonstrate to our residents that Mantua Township is financially sound, transparent and accountable. These practices reflect good government by protecting taxpayer dollars, ensuring open reporting and building public trust.
The township recently received its annual audit from Bowman & Company LLP for 2024. There were no findings or recommendations, meaning Mantua got a “clean audit” that confirms it is adhering to relevant accounting standards (e.g., generally accepted accounting principles) and regulatory requirements.
This is a reflection of our strong financial management. The audit indicates that our township has robust internal controls in place to safeguard assets, prevent fraud and errors and ensure the accuracy and completeness of financial records. The outcome of the audit should certainly assure the public’s confidence in our ability to manage finances effectively and use public funds responsibly.
S&P Global Ratings raised our bond rating from AA- to AA last year. This upgraded rating reflects the township’s improving economic indicators – following a 46% increase in market values resulting from the 2023 revaluation – and our four-year buildup in reserves that is maintained based on our formal reserve policy.
How does the AA rating help our township?
- It lowers borrowing costs. A higher bond rating, like AA, translates to lower interest rates when we issue bonds to finance capital projects.
- It increases investor confidence. A strong bond rating makes it easier for the township to attract buyers when we sell our bonds.
- It facilitates capital projects. A good bond rating enhances our access to capital markets, allowing us to borrow funds more readily for essential projects. The ability to borrow at lower rates allows the township to undertake larger capital projects (e.g., infrastructure improvements) without incurring excessive debt.
The township committee adopted its 2025 municipal budget at a June 9 meeting. It includes a slight increase at the local level, and you recently received your property-tax bills reflective of that increase. Our municipal government operates on just 20% of an overall tax bill: 53% is school taxes governed by the Mantua and Clearview boards of educations; 23% is paid in county taxes governed by the Gloucester County Commissioners; 3% is paid to the Mantua Fire District No. 1, governed by the Board of Fire Commissioners; and 1% is paid in a space tax.
Our municipal budget for this fiscal year is $17,616,789.88, an increase of $651,534.95 over 2024. In simplistic terms, our municipal expenses are up by $578,451.00, with items like contractual salaries and wages increased and employee health insurance costs always on the rise. Our state aid has been reduced by $126,942.49, and state and federal grants are down $130,636.92 this year.
We’ve been tightening the belt on spending, and this year’s increase is only the second time within the last five years we’ve had to incrementally raise local taxes. This budget has no fluff and is reflective of the current state of the economy and the higher cost of living that we are all faced with.
Just like all of us today trying to run our own households, it’s things like energy costs, gasoline, supplies and materials, etc. that are all more expensive. Costs are up, and we are not immune to the inflated national economy that trickles down to the municipal government level. Despite these challenges, we have worked hard to craft a fiscally responsible budget that keeps our township on a path of safety and sustainability.
What does this mean for our local taxes? An average home in Mantua assessed at $311,000.00 will see a nominal increase of $110.00 in 2025, which equates to $27.50 per quarter. The township committee and I would like to take this opportunity to thank our CFO, Karen Paccione; Assistant CFO Melissa Gildein; and, of course, our township administrator and clerk, Jennica Bileci, for their exceptional accountability and oversight of the revenue and finance aspects of the township.
These practices don’t happen by accident – they are the result of good governmental operations and dedicated team members working together. These efforts show transparency, accountability and our commitment to protecting your tax payer dollars.
On behalf of the entire township committee and myself, we look forward to continuing our service with honesty, integrity and trustful leadership.
