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The Township has secured almost $2 million in savings for Cherry Hill taxpayers through Fiscal Year 2024, thanks to a successful debt-refinancing effort completed on Sept. 27, Mayor Chuck Cahn has announced.
Favorable market conditions and near-record-low interest rates prompted the administration’s decision to refinance, Cahn said.
Cahn cited Cherry Hill’s positive name recognition and a strong Aa2 rating from Moody’s Investors Service in helping the Township to secure a significantly lower rate.
The Mayor said his Administration aggressively negotiated the bond sale, which helped secure the maximum savings for residents. He called the refinancing the latest step in ongoing efforts to cut costs and run local government like a business.
“This was a tremendously successful attempt at reducing spending without sacrificing service, and the savings we will now realize is greater than anyone expected,” Cahn said. “This is the kind of innovative action we need to carry Cherry Hill forward on strong footing, and residents can look for much more of it in the months to come.”