Taxpayers Score Savings From County Refinance Deal

Gloucester County taxpayers will save $862,529.17, thanks to a recently-completed bond refinancing deal.

Freeholder Director Robert Damminger said Friday the county originally planned to refinance the 2004-series general obligation bond in September, but the market wasn't favorable at that point.

County professionals instead held off, Damminger said, and were able to pull off a deal within a week to score an interest rate of 2.46 percent, lowering the original rate and realizing the savings.

“The bonds sold very quickly, showing once again Gloucester County’s strong reputation in the financial community,” said Damminger. “There continues to be a lot of confidence from the market that we are moving in the right direction.”

Ratings agencies have given the county high marks for its financial planning and strong reserves, Damminger said, and the county's low debt burden helps add stability to those ratings.

That comes in contrast to neighboring Camden County, which was hit with a negative outlook from Moody's earlier this week.

Since 2009, Gloucester County has reduced its debt by 14 percent, with the long-range plan to reduce that debt by 30 percent over the next seven years.

“We are constantly monitoring the market, interest rates, and the county’s finances to make sure we are getting the best rates for the taxpayers,” Damminger said.