The Borough is required to post its annual debt
statement on-line. Being we are in March
2019 and Lodi still did not post its 2018 debt statement, I submitted an OPRA
request. The debt statement went on-line
today.
Lodi’s gross debt increased 11.3% from 2017 to
2018. Lodi’s 2018 gross debt of $24,719,296 is nearly the size of a year’s
budget appropriations.
This debt is not being accumulated because Lodi did
big project like a new borough hall or police station. The Lodi mayor and council are borrowing
money for the most basic borough expenses. They borrowed money for Scorzetti’s fancy
Tahoe so he can drive it to Toms River.
They borrowed money for Caruso’s new vehicle that goes to North
Haledon. They borrow money for the most
basic repairs to borough hall. They
borrow money for anticipated sidewalk repairs and sewer line repairs- some of
which should be included in their annual budget appropriations.
All this borrowing and debt is done without voter
approval.
Could you
imagine how much Lodi municipal taxes would go up annually if Lodi paid up
front for basic expenses?
Is it fair that future generations will be forced to
pay off all the unnecessary interest payments because of how
reckless the mayor and council are today?
