Why Strong Financial Leadership Is Necessary For Holmdel

“It is better to stay quiet and be thought a fool than to open your mouth and remove all doubt.”

— Abraham Lincoln

A recent Patch article by a Township committee member asserts there was “no short-term debt” before 2020, implying my statement about converting nearly $16 million of short-term debt into long-term bonds was invented. The Township’s own records paint a very different picture.

The Debt and Capital presentation from the June 15, 2021 Committee meeting (page 12 footnote - see attached picture) explicitly states:

Financial Products Memorandum

“Permanently financing $16,075,000 in debt (all outstanding BANs) plus $2,776,000 in 2021 capital.”

1. The claim that “there was no short-term debt” simply doesn’t square with these official documents.
2. For the committeeman's edification:
   1. a BAN (Bond Anticipation Note) - a "bridge" financing tool- is a form of short-term debt usually maturing in a year
   2. Under GASB accounting rules, BANs can be shown as long-term on the balance sheet if we are able to convert them into a bond before maturity.
3. We did convert these BANs (Bond Anticipation Notes) into a long-term bond in November 2021, resulting in savings for taxpayers.

Clearly, the committeeman did not know what to look for other than the words "short-term debt."

This alone should make taxpayers realize the importance of having someone on the Committee with a strong financial background.

This election gives you the chance to support candidates who have the skills and the integrity to ensure your tax dollars are not wasted or abused.

Prakash Santhana

Former Deputy Mayor

Holmdel, NJ

Please vote for Santhana and Buontempo in the upcoming Republican Primary.

Note: Unaffiliated voters can participate in the Republican Primary. Your involvement is crucial in shaping Holmdel's financial future.