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County Report
November 2019
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Board of Chosen Freeholders
John W. Bartlett Esq.,
Director
- Cassandra "Sandi" Lazzara,
Deputy Director
Assad R. Akhter - Theodore O. Best Jr. - Terry Duffy - Pat Lepore - Bruce James
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FINANCE AND ADMINISTRATION
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Passaic County's Credit Upgraded by Moody's Investor Services
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Moody’s Investor Services has upgraded Passaic County’s credit rating to Aa1 from Aa2. Moody’s cited a number of factors for the credit upgrade, including the County’s operational efficiencies, ongoing redevelopment and growing tax base, and conservative budgeting and ongoing expenditure controls. This is Passaic County’s third credit rating upgrade since 2010, demonstrating the strong financial management and conservative fiscal policies implemented by the Passaic County Board of Chosen Freeholders.
“Once again, independent third party credit rating agencies are validating Passaic County’s strong financial position, conservative fiscal policies, and responsible stewardship of our tax dollars,” stated Freeholder Pat Lepore, Chairman of the Budget Committee. “The Passaic County Board of Chosen Freeholders made a concerted effort over the last ten years to get our fiscal house in order, and hard decisions made are continuing to pay dividends. This now ranks Passaic County as one of the best managed governments in the State of New Jersey.”
Moody’s Investor Services is a bond credit rating business that analyzes the creditworthiness of governments across the United States. The Aa1 rating is the second highest rating available from Moody’s, and demonstrates Passaic County’s high quality investment grade and its very low credit risk to investors. Consequently, Passaic County is now able to secure a better interest rate on bond issuances, resulting in direct savings for taxpayers.
“When Freeholder Lepore and I joined the Board in 2003, Passaic County’s finances were in a state of disarray,” stated Freeholder Terry Duffy. “By stopping one time gimmicks to balance the budget and implementing a long-term financial plan, the County is now able to boast one of the best credit ratings in New Jersey. This credit rating upgrade means a stable outlook for Passaic County taxpayers and continued investment in infrastructure, economic development, and the Passaic County Park System.”
A number of factors went into Passaic County securing its third upgrade in nine years, including:
- The implementation of a cost reduction plan, resulting in the highest fund balance in the history of Passaic County and a 177% increase of fund balance over the last seven years.
- Proactive increases in restricted reserves by 70% since 2017 and 397% since 2013 to plan for future financial emergencies, and limit financial exposure for liability, health benefits, and other unknowns.
- Continued growth in Passaic County’s tax base of 11.02% over the past five years, with every Passaic County municipality experiencing positive growth.
“Under every key financial metric, Passaic County is trending in the right direction,” stated Passaic County Freeholder Director John W. Bartlett. “The budget remains stable, key reserves are growing to limit exposure to unknown financial emergencies, and redevelopment and economic growth is expanding across every sector in Passaic County. Moody’s third credit upgrade in nine years is independent confirmation that Passaic County is one of the best managed governments in New Jersey.”
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As the temperatures outside start to drop, Passaic County is preparing for the cold by reminding citizens of the Code Blue program. A Code Blue alert is declared when temperatures drop below the freezing point and weather conditions pose a danger to at-risk individuals. The Code Blue Alert allows authorities to take homeless people to local shelters or other agencies, known as Warming Centers. These shelters make additional beds and space available until conditions improve and the alert is called off.
If you are aware of any unsheltered homeless individuals in need of a warming center, please contact the Passaic County Sheriff’s Office Dispatch at (973) 389-5951 and advise the dispatcher that there is an at-risk individual in need of shelter under the Passaic County Code Blue Alert Plan.
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National Family Caregivers Month: Free Seminars
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In celebration of National Family Caregivers Month, the Passaic County Department of Senior Services and Northeast New Jersey Legal Services are hosting a free legal series of seminars for grandparents raising their grandchildren.
All seminars will be held at the Passaic County Department of Senior Services, located at 930 Riverview Drive, Suite 200 in Totowa.
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Senior Law and Elder Abuse
Thursday, November 7
10 AM to 11 AM
This seminar will cover powers of attorney, simple wills, and other preparatory documents as well as legal issues involving elder abuse, financial exploitation, and scams that target seniors.
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Clearing Juvenile Criminal Records
Friday, November 8
10 AM to 11 AM
This seminar will cover the process and requirements to expunge (clear) juvenile New Jersey criminal records.
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Public Benefits and Education
Tuesday, November 12
10 AM to 11 AM
This seminar will cover public benefits that involve financial and food assistance. Additionally, the seminar will cover educational issues for grandparents who are caregivers of children with disabilities and/or special education needs.
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Family Law
Friday, November 15
10 AM to 11 AM
This seminar will cover family law related legal issues for grandparents raising their grandchildren including child support, custody, and kinship legal guardianship.
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These seminars are free and open to the public. For more information or to RSVP, please contact the Department of Senior Services at 973-569-4060.
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Passaic County Clerk Outreach Dates
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Every month, the Clerk's Office Outreach Program visits several locations around Passaic County offering Passport processing, Veteran IDs, and Notary Oaths.
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Veterans Day at Preakness Valley Golf Course
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Like any great story, the lives of each president has an amazing first and final chapter! In this presentation, author Louis Picone will share some of the most fascinating stories from his books with a focus on the presidents who served in the Civil War.
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Sunday, November 10
1 PM to 3 PM
Hamilton House Museum
971 Valley Road
Clifton, NJ 07013
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The Hamilton House Museum will be fully decorated and alive with the sights and sounds of the 19th century. Come celebrate the holiday season at our opening weekend.
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November 30 and December 1
11:00 AM to 5:00 PM
Hamilton House Museum
971 Valley Road
Clifton, NJ 07013
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County of Passaic
(973) 881-4000
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