Page 4 THE VILLADOM TIMES I • April 2, 2014 Franklin Lakes Moody’s confirms borough’s Aaa bond rating by Frank J. McMahon The Borough of Franklin Lakes had previously received a notice that its Aaa bond rating, the highest rating avail- able, was under review for possible downgrade based on the municipality’s finances. However, Moody’s Investors Service has now confirmed the Aaa bond rating. Moody’s Investors Service is a leading provider of credit ratings, research, and risk analysis. The company claims that its commitment and expertise contribute to transparent and integrated financial markets, protecting the integrity of credit. The ratings and analysis provided by Moody’s track debt covering more than 115 countries, 10,000 corporate issuers, 22,000 public finance issuers, and 82,000 structured finance obligations. Borough Administrator Gregory Hart advised that Franklin Lakes is one of only four of the 70 municipali- ties in Bergen County and one of only 16 municipalities of the 565 municipalities in New Jersey that has the dis- tinction of the Aaa bond rating. Moody’s summarized its findings, stating, “Confirma- tion of the Aaa rating reflects our expectation for stable financial operations, given the borough’s strong finan- cial management practices. The rating also considers the borough’s low debt burden and sizable tax base with high wealth levels. Moody’s expects the borough’s financial position to remain satisfactory with healthy reserve levels given the borough management’s history of conservative budgeting, implementation of formal financial policies, and use of forward planning.” Mayor Frank Bivona commented, “Moody’s confir- mation of the borough’s Aaa rating lends credibility to all of our efforts to better plan and manage the borough’s finances. It is consistent with our goals of maintaining and building surplus, decreasing overall debt, and keep- ing increases to the tax levy well within statutory caps. “We have been able to meet these goals without sacri- ficing quality services to which our residents are rightly accustomed.” The borough is expected to hold a public hearing and adopt the borough’s budget for 2014 this week. That budget will increase the amount proposed to be raised by taxation by $214,415 (1.95 percent) to $11,233,414. The proposed tax levy associated with that budget is under the maximum allowable state levy cap by over $1.4 million, according to Hart. The budget increase will raise the borough’s tax rate, including the borough library tax, by 0.0038 cents to 0.2732 cents, which will cause the municipal/library por- tion of a resident’s tax bill on an average home assessed at $1,030,000 to increase by $39 to $2,814 per year. That municipal/library tax rise must, however, be added to the tax increases for the local and regional school districts, Bergen County, and the Bergen County Open Space tax, to determine a property owner’s total tax increase for 2014. Yard waste recycling collections and twice-a-week gar- bage pickups began April 1 in Franklin Lakes. Advanced Waste will collect garbage twice a week for all residents from April through September. The second collection day will start Thursday, April 3 for residents with a Monday - Thursday collection and Friday, April 4 for residents with a Tuesday - Friday collection. During the months when there are two collection days, if the collection day falls on a holiday, garbage will be collected on the next scheduled collection day. There will be no change in the recycling collection schedule. Remember to keep bears away with good garbage habits. Secure trash containers and place them curbside as close to pickup time as possible. Wash or spray trash containers with a disinfectant to eliminate food odors. Garbage should be placed in garbage cans, containers, or plastic bags at the curb no earlier than 3 p.m. the day before the collection or no later than 6 a.m. the day of the collection. All empty cans and containers must be removed by 7 p.m. on collection day. Advanced Waste will pick up yard waste on Mondays for residents with a Tuesday - Friday garbage schedule and on Tuesdays for residents with a Monday - Thursday garbage schedule. Yard waste recycling collections started Tuesday, April 1 for residents with a Monday - Thursday garbage schedule and will begin Monday, April 7 for residents with a Tuesday - Friday garbage schedule. Recyclable yard waste materials include vegetation, plants, flowers, grass clippings, and tree limbs or twigs two inches or less in diameter. Yard waste must be placed in brown recyclable bags, loose in a reusable sturdy container with no liner, or cut into 3 foot by 3 foot sections and tied. Brown bags, containers, and bundles cannot weigh over 50 pounds. Leaves, dirt, rocks, trees or tree stumps will not be collected. Yard waste should be placed at the curb the night before a scheduled pickup. Recycling, garbage collection set Keenan to address Republican Club The Franklin Lakes Republican Club has rescheduled Richard Keenan, CFO of the Valley Health System, to speak at its Monday, April 7 meeting. The group will meet at 7:45 p.m. in the ambulance corps building on Bender Court. Keenan will present “The Affordable Care Act: Current Status and its Impact on America and Your Health Care System.” As CFO of Valley since 1974, Keenan has a unique perspective on this vital topic. He will discuss the evolv- ing changes in the health care system based on the ACA’s impact on the medical system and projected patient health care services. A question and answer session will follow. Light refreshments will be served. The meeting is open to members and Franklin Lakes residents. RSVP to Pete Swist at (201) 337-5140 or Judi Yglesias at (201) 891-4384.