Township Council Meeting — Packet

30-26 Township of West Orange Essex County, New Jersey PROJECTED AGGREGATE DEBT SERVICE & CAPITAL INCLUDES EXISTING BONDS, LOANS & NOTES AND $5.5M ANNUAL CAPITAL PROGRAM CURRENT DEBT PROFILE & ASSUMPTIONS Debt Plan - $5.5M Annual Capital Program Outstanding Debt (12/31/2024): (per Annual Debt Statement) Bonds Loans Notes $60,349,000 $832,023 $66,078,464 *Authorized But Not Issued as of 12/31/24 is $39,961,258 2025 Total Debt Service: (estimated) Bonds Loans Notes SENs Total $8,116,594 $213,268 $3,194,332 $1,926,616 $13,450,810 *Excludes approximately $350,000 of Special Assessment Bonds debt service. Expected New Debt: 1) $6.7 million of new debt authorized/issued in 2025 2) Authorized But Not Issued debt of $22.8 million issued in 2025 and 2026 3) Annual capital program of $5 million per year (mix of debt and pay-go) 4) $800,000 of new special emergency notes in 2025 and $500,000 annually thereafter 5) Includes $6.3 million of grants funds to pay down ordinance #2564-19 from 2026-28 6) Includes $10.8 million of sale proceeds to pay down ordinance #2651-21 in 2028 Borrowing Analysis Scenario: 1) Roll existing notes to 2028 2) Issue new notes in 2025-2036 to finance "Expected New Debt" 3) Issue $81.4 million bonds between 2026-2028 to finance all outstanding notes 4) Roll new notes to 2037 5) Issue $14.6 million bonds in 2037 to finance all outstanding notes 6) Roll SENs with mandatory pay downs and annual new money as shown above 7) Full migration to pay-go capital funding beginning 2038 Interest Rate Assumptions: Based on "AA" S&P credit rating (last affirmed in October 2025) Initial bond rate of 3.50% and initial note rate of 2.50% Note rates assumed to increase 0.25% per year Bond rates assumed to increase 0.25% per year Tax Base Assumptions: Total Assessed Valuation: Average Home Value: Assumes 15-year useful life on new ordinances $10,001,287,802 $615,472 SENs $5,027,000 Total $132,286,487 FY Ending 12/31 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Existing Debt Service 13,450,810 8,169,835 7,736,739 7,668,173 5,457,648 5,413,373 4,605,778 4,569,078 3,906,417 3,896,292 3,803,254 3,738,032 2,879,335 310,520 315,020 319,270 318,273 321,775 324,763 327,475 324,981 326,925 328,225 334,150 334,700 334,950 Total: $79,515,791 New Bonds, Notes &

9,078 3,906,417 3,896,292 3,803,254 3,738,032 2,879,335 310,520 315,020 319,270 318,273 321,775 324,763 327,475 324,981 326,925 328,225 334,150 334,700 334,950 Total: $79,515,791 New Bonds, Notes & Deferred Charges Total Debt Service Principal Interest 3,517,226 3,589,000 3,455,500 2,960,000 3,060,000 3,718,000 3,939,000 4,159,000 4,370,000 4,583,000 4,781,000 5,450,000 5,230,000 5,335,000 5,455,000 5,585,000 5,720,000 5,855,000 5,905,000 5,955,000 6,005,000 6,060,000 6,120,000 1,180,000 1,245,000 1,300,000 1,300,000 2,018,554 2,649,660 3,122,973 3,694,200 3,698,125 3,703,563 3,678,168 3,648,515 3,585,105 3,469,080 3,332,583 3,176,313 3,109,125 2,869,913 2,627,550 2,381,338 2,130,850 1,875,875 1,616,350 1,354,075 1,089,050 821,275 550,475 276,375 211,475 143,000 71,500 5,535,780 6,238,660 6,578,473 6,654,200 6,758,125 7,421,563 7,617,168 7,807,515 7,955,105 8,052,080 8,113,583 8,626,313 8,339,125 8,204,913 8,082,550 7,966,338 7,850,850 7,730,875 7,521,350 7,309,075 7,094,050 6,881,275 6,670,475 1,456,375 1,456,475 1,443,000 1,371,500 Aggregate Debt Service 13,450,810 13,705,615 13,975,399 14,246,646 12,111,848 12,171,498 12,027,341 12,186,246 11,713,932 11,851,397 11,855,334 11,851,614 11,505,648 8,649,645 8,519,933 8,401,820 8,284,610 8,172,625 8,055,638 7,848,825 7,634,056 7,420,975 7,209,500 7,004,625 1,791,075 1,791,425 1,443,000 1,371,500 $115,831,726 $60,905,062 $176,736,788 $256,252,579 Max Annual Debt Service: Avg Annual Debt Service: (1) Includes all Current Fund debt including: General Improvement bonds, NJIB loans, debt service on BANs for 2025 and deferred charges (SENs) for 2025. Excludes special assessment bonds debt service. (2) Borrowing rate assumed to increase 0.25% for notes and 0.25% for bonds each year. Includes voluntary principal pay downs on notes that are subject to change. (3) Annual pay-go capital funded as a combination of debt and cash as described

25% for notes and 0.25% for bonds each year. Includes voluntary principal pay downs on notes that are subject to change. (3) Annual pay-go capital funded as a combination of debt and cash as described herein. $14,246,646 $8,992,658 Outstanding Principal Amount 139,022,466 149,540,083 145,300,174 123,910,799 119,815,525 115,339,251 110,460,977 105,160,702 99,436,351 93,261,000 86,598,000 79,437,000 71,760,000 66,315,000 60,755,000 55,065,000 49,240,000 43,270,000 37,155,000 30,980,000 24,750,000 18,460,000 12,105,000 5,675,000 4,175,000 2,600,000 1,300,000 Annual Pay-Go Capital 2,375,000 2,550,000 2,950,000 3,050,000 3,775,000 3,900,000 4,150,000 4,400,000 5,000,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 5,500,000 $114,650,000 Pay-go Capital + Annual Debt Percentage Service Increase 13,450,810 13,705,615 1.9% 13,975,399 2.0% 14,246,646 1.9% 14,486,848 1.7% 14,721,498 1.6% 14,977,341 1.7% 15,236,246 1.7% 15,488,932 1.7% 15,751,397 1.7% 16,005,334 1.6% 16,251,614 1.5% 16,505,648 1.6% 14,149,645 -14.3% 14,019,933 -0.9% 13,901,820 -0.8% 13,784,610 -0.8% 13,672,625 -0.8% 13,555,638 -0.9% 13,348,825 -1.5% 13,134,056 -1.6% 12,920,975 -1.6% 12,709,500 -1.6% 12,504,625 -1.6% 7,291,075 -41.7% 7,291,425 0.0% 6,943,000 -4.8% 6,871,500 -1.0% $370,902,579