Finance News

• 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.

• 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+)