Government

Chatham Borough Presents 2017 Municipal Budget; $33 Increase to Taxpayers

3723d79d10b04c611612_6d1d67e0a32dbfbf0e03_DSCN6364.JPG
Credits: TAP Chatham
6360924ae800c9f73734_b150531ab9a5d10e627b_DSCN6365.JPG
Credits: TAP Chatham
de927c35b5382c58535d_e7cc1bbe29c1485b2588_f603746eb487aa753916_DSCN6366.JPG
Credits: TAP Chatham
54c463e509a0fc2f2e17_0d1a9004d4ae1b109021_DSCN6373.JPG
Robert Falzarano, borough administrator, touted Chatham Borough's Triple-A Bond Rating Credits: TAP Chatham
edf7ea8be5f2cb4cca08_4e39605213359b520213_DSCN6374.JPG
Tim Day, chief financial officer for Chatham Borough, presented the 2017 Municipal Budget on Monday night Credits: TAP Chatham
6a9a4a91507677a54ced_3bc9fdc64424ab425b55_16fb189a121bd4d5ea76_DSCN6378.JPG
Credits: TAP Chatham
3723d79d10b04c611612_6d1d67e0a32dbfbf0e03_DSCN6364.JPG

CHATHAM;, NJ - The Borough of Chatham Council gave a presentation on the 2017 Municipal Budget, which represented a point-85 percent tax increase, at its regular meeting Monday night.

According to information provided in the power-point presentation by Robert Falzarano, borough administrator, and Tim Day, chief financial officer, the council will introduce the budget on March 27 and adopt it on April 27. The amount to be raised by taxes is $7,857,326, which means residents will pay an increase of $33.87 on an home valued at $670,694.

Despite revenue that remains flat, the borough has managed to keep a lid on its tax increases by following a 10-year plan to make capital improvements and pay down its debt, according to Falzarano, who noted that Chatham Borough is one of 16 municipalities in New Jersey with a triple-A bond rating. Chatham has maintained that rating since 2011.

Sign Up for E-News

In relation to surrounding towns, Chatham Borough has the second-lowest percentage of its budget funded by tax revenue. Chatham Borough stands at 60 percent, which is lower than Long Hills (62 percent), Chatham Township (65), Summit (66), New Providence (67) and Berkeley Heights (72). Only Madison is lower at 48 percent.

The total budget is $14,581,378, an increase of 2.1 percent. Broken down to percentages, Chatham Borough's municipal budget represents 19.53 percent of the total, with the school tax taking up 63.07 percent. The library tax is 2.01 percent and the county tax is 15.39 percent.

The borough announced that it will pay $275,000 in a tax appeal settlement issue that dates back to 2009. In order to keep the payment from adversely affecting the budget, the majority of the money is coming out of surplus accounts.

"This is a big hit to us," Council president Jim Lonergan said. "We have to pay back taxes on this."

 

 

 

 

 

TAP Into Another Town's News:

Sign Up for E-News

Chatham

A Week at the Library of The Chathams Monday, June 18 – Sunday, June 24, 2018

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

PROGRAMS AND EVENTS

By Galina Natenzon

This week we are wrapping up our first session of ESL classes.  Stay tuned, we are planning a fall session to start in September.  New students are welcome to enroll!  This is the last week of calm and quiet at the library before our summer reading ...

A Week at the Library of The Chathams Monday, June 4 – Sunday, June 10, 2018

PROGRAMS AND EVENTS

The highlight of this week is the program on Saturday, June 9, about an unusual chapter in Chatham’s history, Madame Bey’s boxing camp, which was home to some of the most famous boxers in the first half of the 20th century.  The program will be held during the Fishawack Festival – see Saturday listing for details

For information about all programs ...

Angie's Owners Want to Thank Their Chatham Customers

June 14, 2018

To the Editor:

We want to thank our customers and the entire community for their support and devotion to our business. Our last day of business will be July 31.

rWe will miss all the friends that we have developed over the past 26 years. Wishing everyone much success and happiness in the future.

Sincerely,

Louiza and Jimmy Poulimenos

P.S. "Until we meet ...

AtlantiCast

AtlantiCast: Episode 16

Summer is in the air, and the latest episode of AtlantiCast is ready to help you enjoy some fun outdoors while staying safe! This week’s episode opens with tips for sunscreen usage from Atlantic Health System’s Chief Medical and Academic Officer, Dr. Jan Schwarz-Miller. You’ll also learn about how Atlantic Health System is advancing the future of health care through ...

Video: Point View's Petrides Looks at Media M&As, Fed's Hike Strategy

June 17, 2018

Point View Wealth Management's Managing Director and Portfolio Manager, John Petrides, live on FOX Business AM discussing M&A in the media industry and the Fed's path to four hikes in 2018:

ptview.com/medias/tv-radio

​​​​​​For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing customized portfolio ...