Cherry Hill Cuts Nearly $2 Million with Bond Refinance

A debt refinancing effort completed Thursday will save Cherry Hill taxpayers close to $2 million over the next 12 years, Mayor Chuck Cahn announced Friday.

An Aa2 bond rating from Moody’s—the third-highest rating the agency issues—and strong name recognition aided in the refinancing effort, Cahn said, which was driven by what he called favorable market conditions, as well as near-record-low interest rates.

“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 in a release.

The move to refinance a portion of the township’s debt, which stands at about $65.5 million, according to the most recent audit financial statement, is part of what Cahn called an aggressive move to cut costs and run township government more like a business.

“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,” he said.

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