COLTS NECK – The Colts Neck K-8 School District Board of Education has introduced a $27.8 million budget to support the operation of the school district during the 2021-22 school year.
A public hearing on the budget has been scheduled for 7 p.m. May 4. The board may adopt the budget that evening.
The 2021-22 budget will be supported through the collection of $25 million in taxes from Colts Neck’s residential and commercial property owners. Property taxes account for about 90% of the budget’s revenue.
The school district’s 2020-21 budget totaled $27.17 million and was supported by a $24.39 million tax levy. Total spending for the 2021-22 school year will increase by about $630,000 and the tax levy will increase by about $610,000.
According to Business Administrator Vincent Marasco, the district will use $200,888 in a banked tax levy cap to support the revenue side of the budget.
Under the terms of a state law known as S-2 that was enacted in 2018 and funds New Jersey’s schools, Colts Neck will see its state aid increase from $1.21 million in 2020-21 to $1.37 million in 2021-22, according to the New Jersey Department of Education.
District officials said the 2021-22 budget will fund capital improvements that are expected to include bathroom renovations, unit ventilators and the removal of asbestos tile flooring from the Cedar Drive Middle School.
Specific information about the impact of the 2021-22 budget on property taxes is expected to be available at the May 4 public hearing.
At present, the owner of a home that is assessed at the township average of $823,000 is paying about $6,678 in K-8 school taxes.
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.
The school district consists of the Conover Road Primary School, the Conover Road Elementary School and the Cedar Drive Middle School. Colts Neck’s schools have a total enrollment of about 990 pupils, according to a budget document that is posted on the school district’s website.