PARSIPPANY — The Parsippany-Troy Hills Township Council adopted the 2015 municipal budget on Tuesday, July 14, a month after the budget had been approved on first reading.
The 2015 budget contains a slight decrease in total anticipated revenue at $93,194,939.93, and an increase of $363,784.69 in total Appropriation for Service (i.e. general government, land use administration, public safety, health and human services).
With regards to total property taxes, the estimated amount raised by taxes is $196,504,780.63. Last year’s total tax levy was $193,896,015.39.
Of assessed property values, those properties deemed taxable, including vacant land, residential, farm, commercial and industrial properties, a total of 15,450 parcels of land for a total assessed value of $7,160,610,050. The largest assessed value stemmed from residential housing, $4.3 billion.
Personnel cost totaled $43 million, while health benefits for local employees and retirees came to $9,501,800. Elected officials did not get budgeted in heath benefits. Lastly, the gross debt for the year of $167 million, minus deductions, came to a net debt of $75,303,289.47.
Council President Paul Carifi, Jr., said “Again I am proud to say that myself along with Councilman Valori as part of the finance Committee recommended cuts to the Mayors budget this year to the rest of the council and Council Vice President Peluso and Councilman Stanton agreed with these recommendations. These cuts saved the town hundreds of thousands of dollars and did not affect a single service to the residents of our town. I will always continue to do my do diligence for each and every resident of our town.”
Councilman Valori told Parsippany Focus that he was “very pleased that the Council was able to cut over $1,000,000 from the mayor’s budget while maintaining all the services our residents deserve.”
To view a copy of the final budget, click here.
