Chatham Borough Introduces 2018 Municipal Budget, Includes Point-3 Cent Rise in Taxes; No Hike in Health Care Costs

Peter Hoffman, chair of the finance committee, noted that Chatham Borough's 2018 Municipal Budget included a zero percent rise in health care costs Credits: TAP Chatham
The 2018 municipal budget introduced by Chatham Borough on Monday night represented an tax increase of .003 percent. Credits: TAP Chatham
The percentage of the municipal budgets funded by tax revenues in surrounding towns. Chatham Borough's 60 percent is the second lowest. Credits: TAP Chatham
Timothy Day, Chatham Borough's Chief Financial Officer, introduces the 2018 municipal budget on Monday night Credits: TAP Chatham

CHATHAM, NJ - A budget described as "boring and dull" for its straight-laced numbers by council finance chairman Peter Hoffman, the Borough of Chatham Council unanimously introduced its 2018 Municipal Budget, which represented a minuscule .3-cent rise in the tax rate, on Monday night at its regular meeting.

The $14.5 million dollar budget, which is $67,000 lower than the 2017 appropriation, represents an increase in taxes of $22.74 for an average assessed home of $672,969. 

The municipal budget will be up for adoption on April 23.

Sign Up for E-News

The increase is the tax rate is .72 percent vs. the 2 percent allowed, putting Chatham Borough 1.28 percent below the cap.

"We're very proud of the fact that the tax levy increase we are contemplating is well within, by a significant margin, the two percent cap," Hoffman said. "It's a budget that is fiscally balanced and supports our gold-gilded Triple-A credit rating. What does that mean? It gives us access to the debt markets at a very cost-efficient rate of interest. That's something we're very proud and want to maintain ... a very rare Triple-A credit rating."

Peter Hoffman, finance chair, gives an overview of the municipal budget introduced on Monday night

Among the other highlights of the budget pointed out by Hoffman is the fact that as a member of the NJ State Health Benefit Plans, there will be no increase in 2018 for health coverage of Chatham Borough employees.

Also, when compared to surrounding towns Madison, Chatham Township, Long Hill, Summit, New Providence, Florham Park and Berkeley Heights, Chatham Borough ranks as the second lowest in the percent of its budget funded by tax revenues. Only Madison's 46 percent is lower than Chatham Borough's 60 percent among that group. Chatham Township stands at 62 percent.



TAP Into Another Town's News:

Sign Up for E-News


Upcoming Events


Thu, July 19, 12:00 PM

Madison YMCA, Madison

Free Childhood Nutrition Seminar at the F.M.

Fri, August 10, 6:00 PM

Museum of Early Trades and Crafts, Madison

Downtown Concert Series: Mama D & The Vexations

Arts & Entertainment


Sun, September 30, 8:00 AM

College of Saint Elizabeth, Morristown

Walk to Fight Alzheimer's

Giving Back Health & Wellness

A Week at the Library of The Chathams Monday, July 9 – Sunday, July 15, 2018

Please note that the library will be closed on Sundays now through Labor Day weekend


Our summer program is in full swing.  This week we are starting some of our most popular children’s programs, Chess for Kids and sewing classes with Miss Polly.  Children will also enjoy a visit from a special guest, Queen Maria Isabella from Medieval Times.  Teens ...

Longtime Chatham Resident Passes the Torch to Current Residents

July 13, 2018

To the Editor,

I moved to Chatham from Ohio in 1961 and left just over a year or so ago. My daughters went through the school system and one of them still lives there with her son.

Clearly, we found the Library and local educational opportunities to our liking. 

When it came to giving back to the community, I chose to support the Library and served as a Board member for 15 ...


AtlantiCast: Episode 18

On this week’s AtlantiCast, you’ll find out how accessing care at Atlantic Health System is now easier, more affordable and closer to home than ever, learn which item from the produce aisle could be the newest weapon against cancer, see what Atlantic Health System, the New York Times and Instagram all have in common and much more.



Video: Point View's Petrides Talks Netflix's Cash Burn as Company Reports Earnings

July 16, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, live on discussing Netflix's earnings report and why the streaming service should dilute shareholders to plug its cash burn.

​​​​​​For more than 25 years, Point View Wealth Management, Inc. has been ...

5 Simple Ways to Save Water this Summer

According to the L.A. Times, the average American uses an estimated 98 gallons of water EACH day.  

Here are five simple ways you can save water, to help you conserve water this summer and take some pressure off of your drains.

1. Unless you are using it, turn the faucet off. How many of us still leave the water running while we shave or brush our teeth?According to ...