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Montclair Township

Finances & Taxes

Financial Information Township of Montclair Municipal Building
205 Claremont Avenue
Third Floor
Montclair, NJ 07042

Padmaja Rao , Chief Financial Officer

Municipal Office Hours: 8:30 a.m. - 4:30 p.m.

Tax Collector/Tax Billing Questions:
205 Claremont Avenue, First Floor
Montclair, NJ 07042
973-509-4923, 4922, 4921

Sewer Billing Questions:
205 Claremont Avenue, First Floor (same as Tax Collector's office)
Montclair, NJ 07042
973-509-4977, 4921, 4922, 4923, 4924, 4925

Water Billing Questions:
205 Claremont Avenue, First Floor (same as Tax Collector's office)
Montclair, NJ 07042
973-509-4924 / 4925

George F. Librizzi, CTA, IFAS, SCGREA
Tax Assessor

973-509-4918
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Edward Cho, Purchasing Agent
973-509-4982
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The Finance Department is responsible for municipal accounting, budgeting and financial controls, tax assessments, water utility, sewer utility and tax collections.



Township Reduces Debt by $40 Million Over 4-Year Period PDF Print E-mail

Wednesday, November 25, 2015

The Township of Montclair has reduced its debt by $40 million since 2011. Township CFO Padmaja Rao reported at last night’s Council meeting that Montclair’s debt obligation decreased from $223 million in 2011 to less than $183 million as of November of this year, yielding an 18 percent reduction over the four-year period. More than $11.5 million was paid down this year alone through the budgetary process.

The Township is currently using just 31% of its maximum legal borrowing power – well below statutory limitations – and its annual debt service is currently 13 percent of the operating budget, a decrease from a peak of 18 percent in 2013.

“Capital investments are necessary to maintain infrastructure and quality of life for the residents,” said Ms. Rao. “While debt is an effective way to finance these capital investments, excessive reliance on debt can lead to financial strain. Our annual debt service payments are currently at a level that allows us excellent flexibility with operating priorities for the municipality. The direction the township Council and management took in reducing the overall debt burden puts the municipality in a position of long term fiscal stability and growth,” she said.

Download 2015 debt status presentation.

 
Montclair Bond Rating: AA+ PDF Print E-mail

Mayor Robert JacksonUnemployment down to 4.7%, Reserves up to 7.3%, Debt Down 12%

Citing strong management, a strong local economy and strong budgetary performance, Standard & Poor’s rating services has raised Montclair Township’s bond rating by two notches from AA- to AA+. This rare two-step jump is the latest indication that the Township is heading in a positive direction and strengthening its financial foundation.

The increase marks the second upgrade of the Township’s rating since 2012. The ratings upgrade means more favorable borrowing rates moving forward.

Over last two years the Township has taken many key steps to improving its fiscal health. Through refinancing efforts the municipality saved approximately $1.5 million over the life of outstanding bonds. Outstanding debt has been lowered from $226 million (12-31-09) to $197 million (12-31-13), a decrease of more than 12%.

Read more...
 
Bid Summary: Walnut Street Pedestrian Safety Improvements PDF Print E-mail

Montclair Township bid results are available for download below:

Walnut Street Pedestrian Safety Improvements Township of Montclair, Essex County, NJ

Bid Opening Date: June 17, 2015

 
2015 Adopted Municipal Budget PDF Print E-mail

Thursday, June 18, 2015

The Montclair Township Council unanimously approved the 2015 municipal budget at Tuesday's Council meeting. Acting Township Manager Timothy Stafford said the budget will see a slight increase with the municipal tax levy increasing by approximately $409,000 dollars. Total 2015 budget appropriations equal $79,996,438.

Although New Jersey statutes permit deferring the school tax, the Acting Township Manager chose to take a more conservative fiscal approach by not opting for the deferral. Mr. Stafford also announced that Montclair’s municipal debt has been reduced by 15 percent -- or $32 million -- since 2009.

The approved 2015 township budget is available for download here: 2015 Adopted Municipal Budget