Full Notification

TEANECK TOWNSHIP AUDIT REPORT SHOWS EXCELLENT FINANCIAL HEALTH AND SUPERIOR FISCAL MANAGEMENT

At the 10/25/22 Council Meeting, Township auditor Dan DiGangi from Bowman & Company LLP reported on the most recent audit of the Township’s finances.
 
As has been the case for a number of years, Mr. DiGangi and his team found no issues with the finances of the Township. He pointed out how our debt to asset ratio is well below the average of most municipalities, and that our cash flow management program and strategic use of our financial resources have placed us in a very stable financial position.
 
In addition, our percentage of bonds outstanding, which is used by municipal government to finance large ticket items and services, is considerably lower than most other towns in the surrounding area. Our bond rating of AA also saves us money when we go to the bond market for large projects because the Township is considered, “High Quality with Minimal Risk.”
 
Recent additional services to consumers include the implementation of Spatial Data Logic management software which has significantly helped bridge the gap with our residents by providing visibility across departments, streamlining workflow for staff, and enabling self-service access for residents. The recreation department is now fully utilizing RecPro software that allows for greater ease of scheduling, and the ability to pay for services in these areas online.
 
Mayor Dunleavy, upon review of the data said, “Aggressive pursuit of grants to decrease the use of taxpayer dollars along with the 6 plus tax points of revenue received yearly from development projects has made our financial position sound, while not having to raise taxes on our residents. The Township management team that this Council has assembled: Dean Kazinci, Municipal Manager, our CFO Issa Abbasi, and Township Clerk Doug Ruccione have all done an outstanding job in using and protecting the taxpayers’ dollars while enhancing services. We are fortunate to have this team serving our town and its residents. While the Township controls only 32% of the taxes paid by residents, we are sensitive to their financial situation and want to continue to make Teaneck a place that people can move to, raise a family, and later on, downsize by having a variety of housing options.”