Parsippany Introduces 2025 Municipal Budget Record Surplus, Modest Tax Rate Increase, and Investment in Public Safety
The Parsippany-Troy Hills Township Council has unveiled the proposed 2025 Municipal Budget, marking a significant step towards financial stability and growth. Officials report a record surplus of $11. 8 million, showcasing an impressive 1,078% increase since 2021, alongside a tax base growth of $75 million. The budget includes a local tax rate increase of 2. 22%, resulting in an additional $4.
95 monthly cost for the average assessed home. Investments in public safety are a priority, with funding allocated for 10 new police officers to enhance community security. Despite rising costs, including healthcare premiums and state aid reductions, the administration emphasizes responsible surplus management and revenue diversification strategies. This approach aims to sustain essential services while mitigating the financial pressures faced by the municipality. The budget is positioned as a foundation for future improvement, with a public hearing set for May 20, 2025, encouraging resident participation.
For more detailed information, residents can visit the official township website.