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S&L Awards Essay Prifce Counties 9 Debt Tops Billion

piiliKK KMAY.brtaRi •avlngs acrount for Rita Spauldtnn, renter, winner taTontmt sponsored by C ape Way Coanty HatinRs awdlMn Waging presenlaUon is Frank Strohm. pf rsMtenl »t spoosorluR Institution, as Mrs. I** Sullivan. I nnRwsRe Arts, t oonllnator at Middle Xwp. Middle Hr bool. waHv'to add her congratulations to winning student . - - r - —

COURT HOUSE — A T5 savings account was presented to Rita . Spaulding. 14, pinner of the essay contest sponsored by Cape May County Savings and Loan in obseryance.of the 150th anniversary of savings and loan institutions on this country ' Rita's essay was adjudged best among those submitted by seventh and eighth grade students from Lowei 1 , Middle, and Upper Twp school districts TOPIC FOR fME essay was "What have savings institutions done for our country and what can they do for me." Rita, an eight

grade student at Middle Twp Middle School, wrote ". To have the opportunity to save and earn at the same time is a privilege that is not available all over the world." Frank Strohm, president of Cape May Savings and Loan, gave the presentation to Rita, who is .daughter of Mr. and Mr*. W •William Spaulding of Court \

House.

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Hurley: State’s Budget A ‘Sham’

Gross 3ebt of New Jersey’s 21 counties exceeded $1 billion for the first time at the end <r calendar year 1900. reports the New Jersey Taxpayers Association, a Trenton based non-partisan, nonprofit governmental research organization whose .major interest is sound governmental fisca 1 policy. The net increase n growth was $109.5 millim, second only to the record increase of $111.4 million in 1978. - Gross,debt is defined as debt authorized, issued and not issued, excluding debt of independent county authorities. Molt counties have federal or state receivables which reduce the gross somewhat tb the

MILLVILLE — ‘ The -Fiscal. 1982 budget which lakes effect July 1 i» another ifi a Wnf »«rie*of Byrne budgets balanced precar lously.on a wobbly

economy, aimed only at pork-barrel political Interests fpr the November elections.^ Assembly minority leader James R. Hurley <R>. Cape May

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Cumberland says n'-TIu-re are so many games being played within this budget that rwbodyful ly comprehends all of them." Hurley com Rented, "but I can tell you about some of the major - problems •GOVERNOR pYRNE and the Democrat majority in the legislature have left absolutely no room for an economic, downturn in seeking a $5.7 billion budget with a $4.9 miliipn surplus. That is an incredibly small surplus of 086 percent. "And the whole sham is supported by a package of bills to squeeze money faster out of the business community and to juggle insurance franchise taxes so that the state will be $78 million richer this coming fiscal year. •BUT, THE PURVEYORS' of this p ,an have forgotten about the following year, and they have forgotten about the small businesses that keep • this state alive. a •There are 96 federal bankruptcy court districts in the United States, of which New Jersey is one. New Jersey is in fifth place among those 96 districts for the most bunkruptcies df a commercial nature. ••IF THIS 19H2 budget passes the way the Democrats now have it sep up. New Jersey will taXe first place in the bankruptcy race before the fiscal year is over. v •The Republican

members of the Joint Appropriations Committee, who are only i out of 24 members, oflkred the Democrats a myygh better way to balance the budget, but the Democrats were not interested. They were too concerned about ‘bringing home the bacon’ to their, districts to worry about the future of New Jersey. "WE PROPOSED a package of prudent spending cuts and necessary restorations, such as minimum education aid and mass transit fare subsidies. that would result in a $35 million surplus without the onerous business tax speedup® that the Democrat budget depends upon. "Our program was balanced sensibly and the $35 million surplus we proposed was $5 million more than the Governor recom mended before -the Joint Appropriations Committee

met.

• THIS tfUSflfcSS of taxing the economy to the limit and spending every nickel they can get is a large part of why New Jersey’s economy is faltermg so badly. /This new budget may be one of the worst in history from that

aspect.

"I voted against the business and insurance tax bills and I will vote against the budget when it comes before us, unless it is amended to reflect the fact that state government has got to stop strangling the ec nomy ,” '

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Ne\y Bank Branches WILDWOOD — James L. Billmeyer. president * and chief executive officer of, Marine National Bank, recently announced the openiniuof/ three new branch offices: in Cape May. Ocean City and Stone

Harbor.

The grand opening for the Cape May office, at the comer of Washington St. and Madison Ave., will be held from 9 a.jn to 3 p.m. Saturday. ** OCEAN CITY’S grand opening will be Saturday. July 11 This office will be at 10th St. and Asbury Ave. The grand opening of Marine’s Stone Harbor office will be held Saturday, July 25. This office will be at 94th St. and Third Ave.

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net' figure pn which the. official 'county borrowing limits are calculated. State law limits count;' general obligation debt to two percent of the average of the equalized valuations of real profierty for the last three preceding years. No county is close to its borrowing limit, although three, Cumberland, Mercer, and Burlington, have net debt slightly over one per cent. OVER SO PERCENT of the total net debt was actually in the form of serial bonds on Dec. 31, 1900. The remainder was either in bond anticipatiion notes or authorization not’ yet funded. The Taxpayers Association annual tabulation of figures from county debt statemnts on file at the State Divisionof Local Government showed that 18 of the 21 counties r increased their total \ authorized debt while only three. Morris, Warren and Somerset, had reductions. . Five counties showed total debt increases in • , excess of $10\ million — Middlesex, Bergeh. Essex. Ocean, Passaic. Counties with largest gross debt at the end of last year were Bergen, $128.3 million; Middlesex, $106:3 million; Camden, $96.8 million; and Essex, $94.8 million. Counties with lowest gross debt were Sussex, $8.5 million; Salem, $5.1 million; and Warren, $.8

million.

NJTA’s annual tabulation of cunty debt showed that Cape May County's gross capital debt totaled $52,699 at the end of 180. Compared with ^79 gross capital debt of $51,467 this was an increase pf

$1,232.