A municipality’s total debt load is computed based on the equalized assessed value average over the past three years. Manalapan by law may have a total debt load as high as 3.5 percent of that amount. Manalapan’s average equalized assessed value for 2005, 2006 and 2007 is $5,716,900,825. Manalapan’s total current debt load is one-quarter of 1 percent. An editor’s error in a Sept. 10 article incorrectly stated that the town’s total debt load is a percentage of the municipal budget.
