Message Regarding the Silicon Valley Bank Closure
In light of the recent news regarding the closures of Silicon Valley Bank and Signature Bank, I am taking this opportunity to report on the security of municipal deposits and investments.
First, all municipal funds are deposited in accordance with the Township’s Cash Management Plan (the “Plan”), authorized by the Township Council. Second, all municipal investments are made in accordance with the Plan, and are limited strictly to the highly conservative government backed instruments permitted by State statute.
In addition to the normal FDIC insurance afforded to deposits under Federal law, the official depositories named in the Plan are also required to maintain Governmental Unit Deposit Protection Act (“GUDPA”) certification by the State of New Jersey Department of Banking and Insurance. GUDPA requires that depositories pledge collateral to secure the total amount of funds deposited.
Protecting the assets of the Township remains one of our most important responsibilities, and we will continue to take all steps necessary for the security and safety of Marlboro residents.
The Finance Department is responsible for all financial activities and functions of Marlboro Township, other than those activities and functions for which responsibility is vested in the Business Administrator. The department is headed by the Director of Finance, who is appointed by the Mayor with the advice and consent of the Township Council and serves during the Mayor's term of office and until the appointment and qualification of a successor. The Finance Department is comprised of the following three divisions:
In conjunction with the heads of these divisions, the Director of Finance is responsible for the accounting, pre-auditing and control of all Township revenues and expenditures; the management of the Township debt; the development of fiscal policies for recommendation to the Mayor; and the safeguarding of the financial interests of the Township.
July 12, 2018 Mayor Hornik Announces 2017 Municipal Audit Results (6th Consecutive Perfect Audit)
April 11, 2018 Mayor Hornik Announces AAA S&P Global Bond Rating (AAA Rating Reaffirmed)
July 13, 2017 Mayor Hornik Announces Perfect Audit (Year End December 31, 2016)
September 7, 2017 Mayor Hornik Announces AAA S&P Global Bond Rating (Second upgrade in Two Years)
October 24, 2016 Mayor Hornik Announces Bond Rating Upgrade (Moody’s Aa1)
December 1, 2015 Mayor Hornik Announces Bond Rating Upgrade (S&P AA+)