By Matthew Sockol
Staff Writer
FREEHOLD – The Freehold Borough K-8 School District Board of Education has adopted a preliminary budget that will pay for the operation of the school district during the 2016-17 school year.
Following a discussion among district administrators and board members at a March 7 meeting, a $25.19 million budget that will fund the operation of the district from July 1, 2016 through June 30, 2017 was introduced.
The 2016-17 budget, which could be amended prior to its final adoption, will be supported by a tax levy of $11.58 million to be paid by Freehold Borough’s residential and commercial property owners, plus $9.8 million in state aid and $554,034 from the district’s surplus funds (savings), according to information provided by the district.
The school district’s 2015-16 budget totaled $24.5 million and was supported by a tax levy of $11.12 million. The average home was assessed at $250,913, the school tax rate was $1.08 per $100 of assessed valuation and the owner of that home paid $2,709 in school taxes.
For 2016-17, the average home is assessed at $247,410 and the school tax rate will increase to $1.12 per $100 of assessed valuation. The owner of that home will pay $2,770 in school taxes over the next 12 months – an increase of $61, according to information provided by district administrators.
School taxes are one component of a property owner’s tax bill, which also includes Monmouth County taxes, Freehold Regional High School District taxes, Freehold Borough municipal taxes and other assessments. Individuals pay more or less in taxes depending on the assessed value of their home and/or property.
District administrators said the budget does not feature any new programs for the 2016-17 school year.
“Despite a slight increase in state aid for next year, the Freehold Borough School District remains the third most underfunded district in New Jersey,” Superintendent of Schools Rocco Tomazic said. “We have joined with the Red Bank School District and testified about this mutual problem to the Assembly Budget Committee and the Senate Budget Committee.
“We have exhausted all revenue sources available through the local tax levy. The only other source of revenue is state aid, which is currently severely underfunded. We continue to work closely with our legislators to bring fairness to our students and to our taxpayers,” Tomazic said.
A public hearing on the budget will be held during the board’s meeting that has been scheduled for 7 p.m. April 25 at the Park Avenue Complex.
