McHaleDemLies

SURPLUS LIE (Click to View History)

Facts are, Dumont has always operated with a surplus. These facts are some of the very reasons why our taxes were kept stable from 1989 through 2003 - an unprecedented 15 year achievement. Mayor McHale and his Democratic Council have raised our taxes almost 60% in just 4 years alone and they received over $1.6 MILLION DOLLARS IN STATE AID.

Take a good look at the Democrats own Budget Statement of our town's surplus for 2003 and 2004 when they totally took control of our town's finances.

Now, the fact that Mayor McHale and his Democratic Council have raised our taxes almost 60% in just the 4 years of their total control of our town's finances, along with the additional fact that they received over $1.6 MILLION DOLLARS IN STATE AID ...

The first question is:

Why is our town's surplus only $430,000 in 2008?

BUT, the bigger question is:

Why have our taxes gone up almost 60% in just 4 years?.

BOND RATING LIE (Click to View History)

The Democrats’ statement that "our bond rating, which was downgraded in 2003, due to fiscal mismanagement" is absolutely false !!!!

MOODY’S INDEPENDENT FINANCIAL ANALYSIS

Taken directly from the independent rating firm Moody’s from April, 2003, the prior administration maintained Dumont’s “A” financial rating in 2003 as it had for years. Such a rating is the very best that a town our size can achieve and this 2003 rating clearly proves the Democrats' statement to be false.

NEW ISSUE: MOODY'S ASSIGNS AN A2 RATING TO THE BOROUGH OF DUMONT'S (NJ) $3.2 MILLION GENERAL IMPROVEMENT BONDS, SERIES 2003
CREDIT: Dumont (Borough of) NJ

MOODY'S ASSIGNS AN A2 RATING TO THE BOROUGH OF DUMONT'S (NJ) $3.2 MILLION GENERAL IMPROVEMENT BONDS, SERIES 2003 The current issue is secured by the borough's general obligation unlimited tax pledge. The A2 rating reflects the borough's fully developed, stable tax base, low debt burden, stable financial operations and Moody's expectation of maintenance of reserve levels. The borough expects to issue approximately $1.3 million of Bond Anticipation Notes in 2003. The borough has traditionally replenished all appropriated fund balance. Public Finance Group Moody's Investors Service Julie Beglin Public Finance Group Moody's Investors Service Yaffa Rattner Moody's Investors Service Contacts Journalists: (212) 553-0376

25 APR 2003

Again, taken direct from Moody’s, Dumont maintained its' "A" rating until June of 2006. In June of 2006, Dumont’s financial rating was downgraded to “B” classification from "A". As you can clearly see, Moody's independent analysis attributed the downgrade to the 2004 and 2005 budgets, both years of which Council Finance Chairman McQuade and his fellow Democrats totally controlled Dumont’s finances. There is absolutely no mention of anything prior to 2004.

RATING UPDATE: MOODY'S DOWNGRADES BOROUGH OF DUMONT'S (NJ) GENERAL OBLIGATION DEBT RATING TO Baa1 FROM A2
CREDIT: Dumont (Borough of) NJ

MOODY'S DOWNGRADES BOROUGH OF DUMONT'S (NJ) GENERAL OBLIGATION DEBT RATING TO Baa1 FROM A2 The Baa1 rating also reflects the borough's limited tax base development and manageable debt levels. Key Statistics: 2000 Population: 17,503 2005 Equalized Valuation: $1.96 billion Equalized Value Per Capita: $112,123 Per Capita Income as % of State: 98.1% Median Family Income as % of State: 113% Overall Debt Burden: 1.8% Direct Debt: 0.5% Fiscal 2004 Current Fund balance: $313,000 (2.2% of revenues) Fiscal 2004 Deferred Charges: $1.78 million Unaudited Fiscal 2005 Current Fund balance: $357,000 (2.3% of revenues) Fiscal 2005 Deferred Charges, estimated: $1.5 million Outstanding Parity Debt: $6.1 million Analysts Aaron Dworkin Moody's Investors Service Elizabeth Bergman

21 JUN 2006