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Standard & Poor's Raises Montville's Bond Rating to AAA |
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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. |
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Last Updated ( Wednesday, 30 April 2008 )
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Camp Dawson Turf Fields Re-Open Without Restrictions |
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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. |
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Last Updated ( Friday, 09 May 2008 )
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Township of Montville - 2008 Budget Introduced |
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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.
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Last Updated ( Thursday, 01 May 2008 )
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