First Look At 2024 Morristown Budget As Town Council Meets Tuesday

MORRISTOWN, NJ — Morristown officials will unveil a new spending plan for the 2024 fiscal year at Tuesday's town council meeting, with property owners also getting a look at any potential tax increases coming their way.

Mayor Tim Dougherty and town Business Administrator Jillian Barrick will introduce the budget at the regular town council meeting on Tuesday at 7:30 p.m., at Town Hall.

This 2024 budget is expected to be about $1.35 million (3.5 percent) larger than the 2023 budget, according to town council documents. Last year's $45.5 million operating budget was 2.9 percent more than the amount in the 2022 budget.

As required by state law, the agenda shows that there is an ordinance to exceed the municipal budget spending limits permitted by the Local Government Cap Law, and establish a cap bank.

Morristown is prohibited from raising budgeted appropriations above 1 percent without an ordinance, and any amount that officials do not end up spending this year can be saved for the next several years, town documents show.

Council members and the public will have an opportunity to bring up any concerns and suggestions about the budget, before a possible final adoption date at Town Council on Tuesday, June 11.

The town is going through its first property tax revaluation in 20 years, which comes after years of major redevelopment projects throughout the town — including M Station at Spring and Morris streets and the renovations to Headquarters Plaza on Speedwell Avenue as well as the new Valley National Bank headquarters.