COLTS NECK – The Colts Neck K-8 School District Board of Education has introduced a $26.17 million budget to support the operation of the school district during the 2019-20 school year.
The tentative budget was introduced by the board during a meeting on March 18.
A public hearing on the budget has been scheduled for 7 p.m. May 1 at the school district’s administrative building, 70 Conover Road. Residents may comment on and ask questions about the budget at that time. The board may adopt the budget that evening.
The proposed budget for 2019-20 will be supported through the collection of $23.48 million in taxes to be collected from Colts Neck’s residential and commercial property owners. Property taxes account for about 90 percent of the budget’s revenue.
The district’s budget for the current 2018-19 school year totaled $25.79 million and was supported by a $23 million tax levy.
Colts Neck will see its state aid increase from $1.136 million in 2018-19 to $1.183 million in 2019-20, according to the state Department of Education.
The school district operates the Conover Road Primary School, the Conover Road Elementary School and the Cedar Drive Middle School.
Specific information about the impact of the 2019-20 budget on property taxes is expected to be available at the May 1 public hearing.
In addition to Colts Neck K-8 school taxes, property owners also pay Colts Neck municipal taxes, Freehold Regional High School District taxes and Monmouth County taxes.