KEYPORT – The Keyport Public Schools Board of Education has adopted a $22.93 million budget to fund the operation of the school district during the 2020-21 school year.
The $22.93 million budget will be funded in part through the collection of $10.97 million in property taxes from residential and commercial property owners in Keyport.
The school district’s budget for the 2019-20 school year totaled $22.68 million and was supported by the collection of $10.31 million in taxes from property owners in Keyport.
From 2019-20 to 2020-21, total appropriations have increased by $250,000 and the tax levy has increased by $660,000.
District administrators listed the following factors as having an impact on the budget for the upcoming academic year:
• Out-of-district tuition costs are up $470,340 from 2019-20. Out-of-district tuition costs are up $895,944 from 2018-19;
• The health insurance increase is between 5% and 7%. This results in a total benefits budgeted increase of 4.31%;
• State aid decreased by $20,866 (from $5.84 million to $5.82 million), impacted by declining resident enrollment.
According to a budget document posted on the district’s website, there were 1,048 pupils enrolled on Oct. 15, 2018; 1,028 pupils enrolled on Oct. 15, 2019; and the projected enrollment for Oct. 15, 2020 is 1,028 pupils.
In 2018, voters in the borough passed a $16.7 million bond referendum that will see improvements completed at Keyport Central School (preschool-8) and Keyport High School (9-12). Administrators said the enhancements and repairs would create a safer environment for students.
Costs associated with the referendum can be seen in the school district’s 2020-21 budget.
In 2019-20, the district’s debt service payment (repayment of borrowed funds) was $667,832. Property owners paid $460,375 in a debt service tax levy and the state paid $207,457.
In 2020-21, the district’s debt service payment will increase to $1.16 million. Property owners will pay $762,746 in a debt service tax levy and the state will pay $395,041.
In 2019-20, Keyport’s school tax rate was $1.392 per $100 of assessed valuation. The average home in the borough was assessed at $271,300. The owner of that home paid $3,776 in school taxes.
In 2020-21, the school tax rate is projected to increase to $1.396 per $100 of assessed valuation. The average home in the borough is now assessed at $280,000. The owner of that home will pay $3,909 in school taxes during the upcoming year.
School taxes are one item on a property owner’s total tax bill. Property owners also pay Keyport municipal taxes and Monmouth County taxes.
The amount of taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by each taxing entity.
