Focus On Finance At East Brunswick State of The Township Address

EAST BRUNSWICK, NJ — During the Monday Council meeting, Mayor Brad Cohen delivered the "State of the Township" address. He highlighted the various achievements of the Police department, Senior Center, Recreational Department and gave residents an overview of what’s happening with development across town.

Cohen opened the address, acknowledging the various hardships the community had to endure due to the pandemic. “I would like to use the state of the township address to explain to our residents exactly how we have risen to the challenge and put the township on a course that is stable, inclusive, compassionate, and visionary,” Cohen said.

Cohen said that the Township’s cash management plan focuses on maintaining and replenishing reserves, keeping low debt, encouraging a high collection ratio, and long-term planning. He said the Township took advantage of historically low-interest rates to refinance utility debts. “At the close of 2021, we have been able to reduce the township debt to a ratio of 0.508, which is quite remarkable,” said Cohen

“Total township debt stands at $39 million, which includes the $15 million that was approved by this council to purchase property in the event of the need for condemnation in the redevelopment areas.”

Cohen said the Township continues to work towards a solution “that allows the developer to purchase the properties without the need for condemnation, thus making the township's actual debt just shy of $24 million.”

He thanked residents for paying their taxes on time and said East Brunswick boasts “a 99% collection ratio.”

While the parking and pool utilities suffered during the pandemic, the Township refinanced some of their debt and may use funds from the American rescue plan money to help these utilities.

“Based on our current financial management plan, we've been able to maintain our double-A plus rating with Moody's,” he said.

Around 100 businesses opened “joined or re-joined” the community in the past year, Cohen said. “This happened despite the economic downfall during the pandemic and despite the fact that brick and mortar businesses have faced unprecedented challenges in the past few years.”

He said that Route 18 corridor has now emerged as an "entertainment corridor" with the opening of Rock ‘N’ Air, the bowling alley near Aroogas, and the upcoming hockey rink at 110 Tices.

“We also look forward to welcoming FedEx to the Edgeboro road industrial complex. Besides the jobs and tax revenue it brings, the facility will be working towards the development of a fully electric last-point-of-service fleet,” Cohen said.

The Mayor also informed the community that Economic Development Officer Robert Zuckerman will use 2022 to also work towards establishing a sister city in Israel.

“This partnership is geared towards growing opportunities in the fields of security, life, and biomedical sciences, autonomous vehicles, water technology, and cultural exchange,” Cohen said.

East Brunswick will also be working with the New Jersey Film Commission to incorporate space for a film studio and related functions as part of the expansion for the Community Art Center.

“With the tax credits provided by the Murphy administration, New Jersey has become a hot destination for the film industry. And we would like to capitalize on this market as our location talent pool. Commitment to the arts can all make this an economic driver for the township,” he said.

To see Mayor Brad Cohen's entire speech, click here.

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