Morristown Parking Authority Clarifies Financial Situation Following $7.5M Bond

MORRISTOWN, NJ — The Morristown Parking Authority (MPA) has provided clarification on its finances, after officials, election candidates, and residents expressed concerns regarding a $7.5 million bond ordinance.

On June 24, the Morristown council adopted Ordinance No. O-22-2025, which provided a $7.5 million bond to the MPA.

The funds are for the purchase of two properties to establish more accessible parking in the town. This comes around six years after the MPA tried to build a $17 million parking garage in Lot 10, which failed to get off the ground due to the COVID-19 pandemic, according to officials.

One official, Councilman Robert Iannaccone, voted against the ordinance and expressed concerns regarding the parking authority’s ability to pay back the $7.5 million.

“Personally, I would expect more information to be presented with this… The last time we heard from the parking authority on the status of their financials, they were weak… So to be extending credit, which is what we’re doing here, I think we should actually have a full financial picture of the status of the parking authority,” Iannaccone said.

Despite Iannaccone’s reluctance, the council adopted the ordinance without hearing a presentation of the parking authority’s finances or plans.

Just days after the ordinance was adopted, Morristown Mayoral Candidate Bruce Meringolo, along with running mates Andrew Delaney, Aaron Oliver, and Celeste Kaitsa, spoke out against the council’s decision.

“We do not understand the rush to bond and risk millions of taxpayer dollars regardless of any merits a project may have without full discussion and fact finding,” a statement read. “The Council had the opportunity to hold additional meetings, but rammed a vote straight through. Transparency and fiscal integrity is so very important in government. Morristown deserves better!”

This backlash led to last week, when Morristown Parking Authority Executive Director Nicole Fox spoke on the entity’s finances during a council meeting.

Fox provided a full presentation on the MPA’s finances, discussing the issues it faced during COVID and its current rebound.

“Like everybody, we experienced extreme financial difficulties in 2020 and 2021,” Fox said. “In 2022, our revenue starts to rebound, and then in 2023, we surpass our pre-COVID revenue. We anticipate our 2024 revenues to surpass 2023.”

Fox added that the MPA’s coverage ratios never fell below 1.1 and that the authority has never defaulted on a debt service payment.

According to the MPA’s presentation, the entity’s surplus in 2020 was just over $300. The anticipated surplus for 2024 is more than $1,200.

“This demonstrates our ability to handle the acquisition cost of the property,” Fox said.

“This is exactly what we needed,” Iannaccone told Fox. “When you’re approving finances, this is what you’re looking for. You’re looking for your debt coverage ratio, you’re looking for your surplus.”

The MPA expects to close on the acquisition in mid-September.