Red Bank auditor David Kaplan, seen here in 2014, said the borough’s financial strength improved last year. (Photo by John T. Ward. Click to enlarge)
By JOHN T. WARD
Debt is down, cash is up, and the outlook for Red Bank’s finances is much improved, the borough auditor told town officials Wednesday.
Delivering the results of his 2014 audit in the form of a 139-page report [see link below], auditor David Kaplan said the current-account balance, from which the town pays most of its bills, was $1.62 million at year-end, up, $164,500 from a year earlier, and that bonded debt dropped to $17.3 million, down from $19.6 million.
“Obviously, that doesn’t happen by magic,” Kaplan said, referring to the current account surplus.