Annual Municipal Budget Process

How the Annual Budget Process Works

2025 Budget & Financials Documents
The Township of Parsippany – Troy Hills Township Council formally introduced the municipality’s 2025 budget at the Township’s April 15th Public Meeting. On behalf of Mayor James R. Barberio, the proposed budget was presented by Business Administrator Jamie Cryan, CPM and Chief Finance Officer Angelica Sabatini. To review the current budget please visit the Municipal Budget tab below.

The Annual Municipal Budget details all of the expenses and revenues that the Township of Parsippany - Troy Hills (the “Township”) needs in order to provide quality services for our residents. With the continued increase in cost of goods, labor and statutory obligations, the Mayor and Council have introduced a budget with a 2.22% increase to the municipal portion, or $59.41 per year on the average assessed home.  So, for less than $5 per month, the budget maintains all levels of services. The overall increase in the Tax Rate is 2.13%.

It is important for residents to understand that the 2025 Municipal Budget only represents the Municipal portion of your tax dollars (24.6%). A significant portion of your overall tax dollars are allocated to the Board of Education (62%), the library (1.32%), Fire Districts (2.22%) and Morris County (9.35%), which are beyond the control of the Township Administration and Council.

Public Involved
Our budget process allows any interested resident to be better informed. Residents are invited to comment on any aspect of the budget at Mayor and Council meetings, or by letter or e-mail. The public has an opportunity to review the budget during the 28-day advertisement period leading up to the budget hearing and adoption meeting.  The Departmental Budget hearing is scheduled for April 29th, where the largest departments (subject to availability), including PD, DPW, Engineering, Planning & Zoning, Building, Water, Sewer, & Knoll, will present to the Council in public.  The public hearing on the 2025 budget will be during the Mayor and Council meeting on May 20, 2025, at which time the public is provided an opportunity to comment on the budget.

The 2025 Municipal Budget is a financial framework and funding tool for operations that faces similar economic challenges to those all households and businesses are facing This proposed budget is prepared by the Business Administrator and CFO, who meet with each Township department to review departmental needs for this year. Once the budget is drafted, it is reviewed by the Finance Committee (comprised of the Mayor, Business Administrator, CFO, Council President Paul Carifi, Jr., Council Vice-President Frank Neglia, and Auditors), where the Township Council’s goals and objectives are included. The proposed budget is the result of collaboration between the Administration and the Township Council's Finance Committee; and is then formally introduced at a regular Township Council meeting.

After a unanimous vote on introduction at the April 15, 2025 Township Council meeting, and advertisement of the budget, the next step would be a public hearing and then adoption at the May 20, 2025 Council Meeting.

2025 Municipal Budget Introduction Resolution

The Township, under Mayor James R. Barberio’s leadership, remains highly cognizant of our obligation to wisely manage residents’ tax dollars, and we maintain our focus on managing these expenditures as conservatively as possible without sacrificing service and long-term value.

When the Budget Process Take Place

There is a lot of behind the scenes work that goes into the process of developing a very responsible and responsive budget for our residents.

The budget development process begins during the prior year when Mayor James R. Barberio meets with the Business Administrator Jamie Cryan, CPM and Chief Finance Officer (CFO) Angelica Sabatini to set the strategic vision for the Township. Department heads formulate operational goals and objectives and work with the Administration to adopt priorities to reflect Mayor’s vision. These departmental-level goals and objectives join together to produce the foundation of what will guide decision-making at all levels of Township government.

The budget is monitored throughout year to ensure depts. are spending within appropriations.

During the month of January, the Township closes its books for the previous year and prepares the Annual Financial Statements, which must be filed before a budget can be introduced.

These Financial Statements serve as the foundation to ensure projections that were used in the previous budget are correct and that all reserves are in accordance with our financial policies.

The Township files the Introduced budget with the Division of Local Government Services, within 3 days of approval. To ensure increased transparency, there will be a public portion at the Council meeting, and this starts a 5-week period encouraging public feedback. Next, the budget is publicized.  Budget detail is available on the Township website for public review, and the Administrator and CFO are ready to take questions from public & respond. This is about maximizing opportunities to be transparent with public funds and providing members of the public to be involved in the process.

There are official rules around advertisement of the budget introduction and adoption meetings. As per state statute, the budget must be advertised and there must be a minimum of 28 days between introduction and adoption of the budget so that the public has ample opportunity to review the Official State Budget Document (NJSA 40A:4-7).

Finally, after the budget is approved by the State of New Jersey, it is considered by the Council.  Prior to being adopted, there is a Public Hearing to allow the public to ask questions and/or comment on the budget. Once the Public Hearing is closed the governing body can now vote to adopt the budget by a majority vote.

To review the current budget please visit the Municipal Budgets tab below.

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2025 Budget & Financials Documents

The Township of Parsippany – Troy Hills Township Council formally introduced the municipality’s 2025 budget at the Township’s April 15th Public Meeting. The proposed budget was presented by Business Administrator Jamie Cryan, CPM and Chief Finance Officer Angelica Sabatini.

• Tax Rate Breakdown by Agency – Pie Chart
• Mayor James R. Barberio’s 2025 Municipal Budget Statement
• 2025 Municipal Budget Presentation: View the video replay of the proposed 2025 municipal budget presentation from the April 15, 2025 Township Council meeting.
• 2025 Municipal Budget Slides (PDF): View the presentation slides of the proposed 2025 municipal budget from the April 15, 2025 Town Council meeting. Please note, certain slides were edited to include updated fire districts estimates and additional pertinent information.
• 2025 Introduced Budget (PDF) as Introduced on April 15, 2025. The 2025 Municipal Budget protects the services our residents depend on, and continues investing in Parsippany’s future; all while shouldering the burden of unfunded mandates from the state and significant increases in non-discretionary spending. This budget ensures we are providing a fiscally responsible framework for today and for years to come.
• 2025 User Friendly Budget (PDF) –The "User Friendly Budget" is a standard budget form that every NJ municipality must fill out and submit to the state. The data is aggregated in unique ways that help interested residents see the structural nature of how the Township both collects and spends money, and does it in a format that allows for comparison to other municipalities.
• Departmental Budget Hearings – April 29, 2025 – Department and Division heads from the largest departments and utilities – Police Department, Department of Public Works (incl. Parks and Engineering), Department of Planning & Zoning (incl. Building), Water, Sewer, the Knoll – will present their budgets to the Township Council. This interaction between department directors and the Township Council in public is instrumental in fostering transparency and a unified approach to committed governance. This collaboration between the Administration and Council down to the departmental level ensures that every decision made and every project initiated is a step towards providing the highest amount of accountability and ensures a consensus is achieved towards realizing the Township's strategic goals. Check back here for information from the Departmental Budget Hearings.
• 2024 Annual Financial Statement (PDF) –: This annual document is filed by February 10th each year to reflect the results of all operations in the preceding year. View the Most Recent Annual Financial Statement here.
• 2024 Annual Debt Statement (PDF) – View the Most Recent Annual Debt Statement here.
• Average property taxes in Morris County, 2024 – NJ.com article, March 7, 2025 - (PDF version)
• Property Tax in New Jersey, A Short and Simple Glimpse at the Property Tax In New Jersey -NJLM Why Are My Taxes Higher
• Property Tax Relief Programs – Link to State of New Jersey, Division of Taxation property tax relief programs
• 2025 Morris County Adopted Budget
• Parsippany-Troy Hills Township Schools (62% of tax bill)
• Property Tax in New Jersey, NJLM

This page contains annual budget and accompanying pertinent financial documents. We have set up a dedicated email address so we can answer budget related inquiries as quickly as possible. Please reach out to the Business Administrator and Chief Finance Officer by email at  budget@parsippany.net, if you are in need of additional information. Thanks!