Standard & Poor's Raises Montville's Bond Rating to AAA Print E-mail

Standard & Poor's Ratings Services has raised its underlying rating (SPUR) on Montville Township, N.J.'s general obligation (GO) bonds to 'AAA' from 'AA'.  The outlook is stable.

At the same time, the rating service assigned its 'AAA' rating to the Township's $9.703 million general improvement and open space and sewer utility bonds.

The upgrade and rating reflect a mature, primarily residential community with proximity to the deep and diverse labor markets of New York City and northern New Jersey; a strong property tax base supported by high wealth and income levels; solid financial performance with strong reserve levels; and an aggressive 16 year amortization schedule.

"We expect that the Township will maintain sound financial performance and strong reserve levels while rapidly paying down its debt burden," said Standard & Poor's credit analyst Marilyn Cruz.  The affluence of the local economy further supports the stable outlook.

The full faith and GO credit pledge of the Township secures the bonds.

Last Updated ( Wednesday, 30 April 2008 )
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Camp Dawson Turf Fields Re-Open Without Restrictions Print E-mail

Turf Fields Re-open

May 8, 2008

Camp Dawson turf fields have reopened without restrictions after a 3rd round of testing and direction from the New Jersey Department of Health & Senior Services. The NJ Department of Health has issued the following statement to the Township of Montville.  “As discussed, my understanding is that your testing of your fields was negative for lead, in fibers, dust, and wipes. This was from both the vacuum sampling done, and the laboratory analysis. I also understand that you tested field product not in use, but stored, and noted that the matrix which binds the turf had high concentrations of lead above the 400 ppm.. If the core product tested and the matrix are not breaking down and dust rising to the top of the fiber bed, so that it is accessible, there is no reason to do dust suppression activities. My recommendation would be to just have field managers monitor each field and look at potential degradation issues that may result in matrix material becoming accessible.”

The 3rd round sampling confirmed that there is lead in the mat layer of the turf. Prior testing revealed that there is no lead in the grass blade fibers, nor did vacuum or wipe composite samples reveal any lead, which suggests the degradation of lead-containing material in the field.  Therefore users of the field are not being exposed to lead containing materials.

Based upon the above testing and direction from the NJ Department of Health the Township has reopened the Camp Dawson turf fields without restrictions.  The Township will monitor the fields with follow-up sampling to insure that users of the field are not exposed to lead.

Water Supply 

May 9, 2008

Concerns have been raised about the potential for any lead at the Camp Dawson Turf fields impacting our aquifer and potable water supply.  As indicated above, there is no evidence that lead is getting out of the turf material.  We have been in contact with our hydro-geologist and he assures us that there is no danger to our aquifer from the Camp Dawson turf fields.  Montville routinely tests for hundreds of contaminants (including lead) as required by the NJ Department of Environmental Protection and the US Environmental Protection Agency.  The Township will be conducting lead testing on our water supply.

Last Updated ( Friday, 09 May 2008 )
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Township of Montville - 2008 Budget Introduced Print E-mail

The Montville Township Committee introduced the 2008 budget at the April 22, 2008 meeting.  On Tuesday, May 27, 2008 at 8 PM at Town Hall, a hearing on the municipal budget will be held.  A summary of the introduced budget can be viewed by clicking on this 2008 Budget link.  The entire document is available for public inspection in the Township Clerks Office.

This was a difficult budget year, due to the fact that the Township Committee had to wrestle with large financial issues beyond the Township?s control.  The budget, as introduced, provides for a 5.4% increase in the municipal tax levy; however over 75% of that levy increase was due to State imposed pension bill increases combined with reductions in State Aid.  The Township worked diligently to economize across the board in other areas to make up for the State-mandated costs to minimize the financial impact to taxpayers, while continuing to provide the high level of service that residents expect from their municipal government.  The chart below provides for a basic breakdown of the municipal increase.

Tax Increase

Salaries                            1.4%

Operating Expenses          -0.1%

Pension Increases              2.6%

State Revenue Reduction   1.5%

Total Increase in Levy        5.4%

This increase equates to an approximate $96 annual tax increase to the average assessed home ($332,800) in the Township of Montville.

 

Last Updated ( Thursday, 01 May 2008 )
 
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