Township Council Meeting (formerly 2.24.26) — Packet

Purchase Order Chk Num Vendor Amount Invoice P.O. Date 190732 26000013 RTLF-NJ II LLC 1,900.00 PREMIUM 12/31/2025 02/12/2026 Total: RES. FOR TTL PREMIUM RES. FOR TTL PREMIUM 91-2860- - 91-2860- - - - NJ CONSTRUCTION FEE PAYABLE .00 .00 NJ CONSTRUCTION FEE PAYABLE .00 .00 Total: NJ CONSTRUCTION FEE PAYABLE .00 .00 NJ CONSTRUCTION FEE PAYABLE .00 .00 91-2870- - 190362 457.00 BOUNCED CK #93 -NJ CONSTRUCTION FEE PAYABLE 02/06/2026 02/06/2026 457.00 - MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, - MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, TREAS-STATE OF NEW JERSEY Total: MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, MARRIAGE LIC. EXCHANGE ACCOUNT 475.00 1, Fund Total: 91 188,400.00 - NJ CONSTRUCTION FEE PAYABLE .00 .00 NJ CONSTRUCTION FEE PAYABLE .00 .00 190694 91200067 TOWNSHIP OF WEST ORANGE 91-2870- - - Paid Date 1,250.00 4th QUARTER 2025 MARRIAGE-CIVIL UNION REPORT 1,250.00 11,527,268.96 12/31/2025 00/00/0000

Purchase Order Chk Num Vendor 98-2010-55-5011- Amount Invoice P.O. Date Paid Date - BUDGET POOL S/W 98-2010-55-5011-030 - POOL S/W SALARIES & WAGES 190486 98200002 TOWNSHIP OF WEST ORANGE 412.87 GROSS PAY PR3 - SALARY POOL CORRECTION 01/28/2026 01/30/2026 190484 98200001 TOWNSHIP OF WEST ORANGE 1,261.90 01/28/2026 01/30/2026 190485 98200003 TOWNSHIP OF WEST ORANGE 25.95 01/28/2026 01/30/2026 190485 98200003 TOWNSHIP OF WEST ORANGE 62.73 01/28/2026 01/30/2026 190485 98200003 TOWNSHIP OF WEST ORANGE 268.28 01/28/2026 01/30/2026 190485 98200003 TOWNSHIP OF WEST ORANGE 1,111.25 01/28/2026 01/30/2026 190641 98200004 TOWNSHIP OF WEST ORANGE 22.05 02/04/2026 01/02/2026 190641 98200004 TOWNSHIP OF WEST ORANGE 5.15 02/04/2026 01/02/2026 190641 98200004 TOWNSHIP OF WEST ORANGE 2.14 02/04/2026 01/02/2026 190641 98200004 TOWNSHIP OF WEST ORANGE 355.65 02/04/2026 01/02/2026 190644 98200005 TOWNSHIP OF WEST ORANGE 21.26 02/05/2026 01/16/2026 190644 98200005 TOWNSHIP OF WEST ORANGE 4.98 02/05/2026 01/16/2026 190644 98200005 TOWNSHIP OF WEST ORANGE 2.06 02/05/2026 01/16/2026 190644 98200005 TOWNSHIP OF WEST ORANGE 342.92 02/05/2026 01/16/2026 Total: BUDGET POOL S/W 3,899.19 Fund Total: 98 3,899.19

30-26 February 24, 2026 RESOLUTION MEMORIALIZING AND SUMMARIZING THE DEBT MANAGEMENT PLAN AND POLICY WHEREAS, the powers of the Township of West Orange, N.J. (the “Township”), include the authorization to issue capital and bond ordinances for the purposes of acquiring capital assets; and WHEREAS, the Township seeks to achieve and maintain bond ratings commensurate with demonstrating a long-term commitment to sound financial planning; and WHEREAS, the Township recognizes that annual debt service costs meet or exceed 12.50% of the operating budget and that current debt exceeds $170 million after a more than 50 percent increase in the last five years; and WHEREAS, the Township recognizes that not actively managing capital needs, debt issuance and debt service requirements, especially during a period of higher interest rates, places a financial burden on the community and has an adverse impact on the property tax rate and the ability to provide services; and WHEREAS, the Township desires to memorialize and establish many of the existing principles, practices, and metrics associated with the management of its existing and future debt portfolio with the long-term goal of better serving residents with reduced debt levels and debt service needs, resulting in a pay-as-you go cash-led capital and investment function; and WHEREAS, the Township finds and determines that adoption of the attached Debt Management Policy (the “Debt Management Policy”) will help ensure that the debt is issued and managed prudently in order to maintain sound fiscal policy; and WHEREAS, this policy achieves strategic success by freeing up millions of debt service dollars (rather than spent on debt service payments) annually to support operations, capital

investment, and when possible, return value to taxpayers through increased usage of surplus rather than taxation as well as increased property values; and WHEREAS, it is understood that this is an aspirational policy and is intended to serve as a reminder to the participants in the budgeting process, as to the goals that they should strive to achieve; and WHEREAS, from time to time the imminent financial realities of a given circumstance may necessitate deviation from the same; NOW, BE IT HEREBY RESOLVED, by the Township Council of the Township of West Orange that the attached policy shall serve to guide but not direct the decisions and actions of the Township of West Orange’s existing and future debt-related activities. Karen J. Carnevale, R.M.C. Municipal Clerk Adopted: February 24, 2026 4816-9313-4310, v. 1 Susan Scarpa Council President

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

Township of West Orange Essex County, New Jersey GENERAL IMPROVEMENT - PRELIMINARY BORROWING ANALYSIS INCLUDES EXISTING BONDS, LOANS & NOTES AND $5.5M ANNUAL CAPITAL PROGRAM PRIOR TO NEW ISSUES Fiscal Year 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 2053 2054 2055 2056 2057 2058 2059 Total: 1 **PROPOSED NEW ISSUES** 2 Existing Debt Service Principal Interest Total P+I 6,941,236 4,818,972 11,760,208 6,414,157 1,755,678 8,169,835 6,150,909 1,585,830 7,736,739 6,300,274 1,367,899 7,668,173 4,260,274 1,197,374 5,457,648 4,366,274 1,047,099 5,413,373 3,710,274 895,504 4,605,778 3,811,274 757,804 4,569,078 3,290,351 616,066 3,906,417 3,405,351 490,941 3,896,292 3,430,000 373,254 3,803,254 3,480,000 258,032 3,738,032 2,727,000 152,335 2,879,335 215,000 95,520 310,520 225,000 90,020 315,020 235,000 84,270 319,270 240,000 78,273 318,273 250,000 71,775 321,775 260,000 64,763 324,763 270,000 57,475 327,475 275,000 49,981 324,981 285,000 41,925 326,925 295,000 33,225 328,225 310,000 24,150 334,150 320,000 14,700 334,700 330,000 4,950 334,950 Projected BANs (2025-2037) Principal Interest Total P+I 61,797,375 9,715,328 16,027,814 77,825,189 1,810,828 2,339,000 2,295,500 1,853,098 2,525,135 3,024,873 162,500 266,875 377,813 478,080 579,615 653,130 683,730 700,020 703,125 173,000 264,000 349,000 420,000 488,000 531,000 1,045,000 12,007,994 3,663,926 4,864,135 5,320,373 162,500 266,875 550,813 742,080 928,615 1,073,130 1,171,730 1,231,020 1,748,125 21,723,322 2 Projected SENs (2025-2042) Principal Interest Total P+I 1,690,602 1,690,602 1,706,398 165,456 1,871,854 1,250,000 124,525 1,374,525 1,160,000 98,100 1,258,100 460,000 72,200 532,200 560,000 78,000 638,000 500,000 78,750 578,750 500,000 82,500 582,500 500,000 86,250 586,250 500,000 90,000 590,000 500,000 90,000 590,000 500,000 90,000 590,000 500,000 90,000 590,000 500,000 90,000 590,000 60,000 400,000 460,000 36,000 300,000 336,000 200,000 18,000 218,000 100,000 6,000 106,000 11,827,000 1,355,781 13,182,781 Principal 2028 Bonds Interest AFTER NEW ISSUES Aggregate Debt Service Total

00 400,000 460,000 36,000 300,000 336,000 200,000 18,000 218,000 100,000 6,000 106,000 11,827,000 1,355,781 13,182,781 Principal 2028 Bonds Interest AFTER NEW ISSUES Aggregate Debt Service Total P+I 2,500,000 2,500,000 3,045,000 3,175,000 3,310,000 3,450,000 3,595,000 3,750,000 3,905,000 4,075,000 4,245,000 4,425,000 4,615,000 4,810,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 5,000,000 3,459,500 3,353,250 3,247,000 3,117,588 2,982,650 2,841,975 2,695,350 2,542,563 2,383,188 2,217,225 2,044,038 1,863,625 1,675,563 1,479,425 1,275,000 1,062,500 850,000 637,500 425,000 212,500 5,959,500 5,853,250 6,292,000 6,292,588 6,292,650 6,291,975 6,290,350 6,292,563 6,288,188 6,292,225 6,289,038 6,288,625 6,290,563 6,289,425 6,275,000 6,062,500 5,850,000 5,637,500 5,425,000 5,212,500 81,400,000 40,365,438 121,765,438 Principal 2037 Bonds Interest Total P+I Pay Go Capital (2029-2052) Principal Total P+I 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 5,500,000 655,000 690,000 730,000 770,000 810,000 855,000 905,000 955,000 1,005,000 1,060,000 1,120,000 1,180,000 1,245,000 1,300,000 1,300,000 801,900 765,875 727,925 687,775 645,425 600,875 553,850 504,075 451,550 396,275 337,975 276,375 211,475 143,000 71,500 1,456,900 1,455,875 1,457,925 1,457,775 1,455,425 1,455,875 1,458,850 1,459,075 1,456,550 1,456,275 1,457,975 1,456,375 1,456,475 1,443,000 1,371,500 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 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 14,580,000 7,175,850 21,755,850 114,650,000 114,650,000 Principal 8,631,838 9,931,383 9,739,909 9,755,774 9,595,274 9,976,274 10,378,274 10,800,274 11,224,351 11,675,351 12,163,000 12,661,000 13,177,000 10,945,000 11,060,000 11,190,000 11,325,000 11,470,000 11,615,000 11,675,000 11,730,000 11,790,000 11,855,000 11,930,000 7,000,000 7,075,000 6,800,000 6,800,000 Interest 4,818,972 3,774,232 4,235,490 4,490,872 4,891,574 4,745,224 4,599,066 4,435,971 4,264,581 4,076,046 3,842,334 3,590,614 3,328,648 3,204,645 2,959,933 2,711,820 2,459,610 2,202,625 1,940,638 1,673,825 1,4

18,972 3,774,232 4,235,490 4,490,872 4,891,574 4,745,224 4,599,066 4,435,971 4,264,581 4,076,046 3,842,334 3,590,614 3,328,648 3,204,645 2,959,933 2,711,820 2,459,610 2,202,625 1,940,638 1,673,825 1,404,056 1,130,975 854,500 574,625 291,075 216,425 143,000 71,500 Incremental Tax Impact3 Total P+I 13,450,810 13,705,615 15.68 13,975,399 16.60 14,246,646 16.69 14,486,848 14.78 14,721,498 14.44 14,977,341 15.74 15,236,246 15.93 15,488,932 15.55 15,751,397 16.15 16,005,334 15.63 16,251,614 15.16 16,505,648 15.63 14,149,645 14,019,933 13,901,820 13,784,610 13,672,625 13,555,638 13,348,825 13,134,056 12,920,975 12,709,500 12,504,625 7,291,075 7,291,425 6,943,000 6,871,500 293,969,703 76,932,876 370,902,579 (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% each year. 2025 BAN payments and SEN interest are included in Existing Debt Service. Assumes 2651-21 is reduced by $10.8 million from sale proceeds in 2028 (55 Lakeside) and 2564-19 is reduced by $6.3 million from green acres grant funds in 2028 (Rock Spring). (3) Represents the annual tax impact to the average residential home assessed at $615,472. Calculation based on Total Taxable Valuation of $10,001,287,802. No tax impact assumed for 2025 as budget is already adopted. Reflects tax increases versus highest previous year. No change in tax rate shown for years with debt service declines. ASSUMPTIONS Projected SENs (2025-2042) Projected BANs (2025-2037) 2028 Bonds 2037 Bonds Issue Date: First Interest Date: 11/05/25 11/05/26 Issue Date: First Interest Date: 11/05/25 11/05/26 Issue Date: First Interest Date: 11/01/28 05/01/29 Issue Date: First Interest Date: First Maturity Date: 11/05/26 First Maturity Date: 11/05/26 First Maturity Date: 11/01/29 First Maturity Date: 11/01/38 Final Maturity Date: 11/05/37 Final Maturity Date: 11/05/42 Final Maturity Date: 11/01/48 Final Maturity Date: 11/01/52 Initial Interest Rate: 2.50% Initial Par Amount: $ 74,123,928 Par Amount: Borrowing Rate: 4.50% Borrowing Rate: 5,027,000 Par Amount: $ 81,400,000 Par Amount: $ 14,580,000 Structure: BAN Max Useful