KEYPORT – The Keyport Public Schools Board of Education has introduced a $23 million budget that will fund the operation of the district during the 2021-22 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 17.
A public hearing is scheduled for April 28. The budget, which may be revised until that date, may be adopted by the board following the public hearing.
The budget will be supported by a tax levy of $11.4 million to be paid by the borough’s residential and commercial property owners. Other revenue includes an appropriation of $715,045 from the district’s surplus fund (savings).
The district’s 2020-21 budget had a school tax rate of $1.39 per $100 of assessed valuation. The owner of a home that was assessed at $290,000 paid about $4,031 in school taxes.
The district’s 2021-22 budget is projected to have a school tax rate of $1.38 per $100 of assessed valuation. The owner of a home that is still assessed at $290,000 would pay about $4,002 in school taxes.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the tax rate that is set by each taxing entity (i.e., municipality, school district, county).
If the assessed value of an individual’s property rises from one year to the next, that individual could pay more in taxes to a taxing entity (i.e., school district) even if the tax rate for that taxing entity has decreased.
School taxes are one component of a Keyport property owner’s total tax bill, which also includes Monmouth County taxes and Keyport municipal taxes.
The school district’s 2020-21 budget totaled $23 million and was supported by a tax levy of $11 million paid by the borough’s residential and commercial property owners. The board received $3.18 million in state school aid to support the operation of the school district.
For the 2021-22 school year the budget has remained at $23 million, but the tax levy to be paid by property owners has increased by $400,000 to $11.4 million. Keyport is scheduled to receive $2.85 million in state school aid, a decrease of $333,743 from the current academic year.
Keyport’s state aid has decreased each year since the enactment of state legislation known as S-2 in 2018.
The school district comprises Keyport Central School for residents in pre-kindergarten through eighth grade and Keyport High School for residents in ninth through 12th grade. Students from neighboring Union Beach attend Keyport High School through a send-receive relationship between Keyport and the Union Beach K-8 School District.
According to a budget document posted on the school district’s website, the district’s actual enrollment on Oct. 15, 2018 was 1,048 pupils; the actual enrollment on Oct. 15, 2019 was 1,028 pupils; and the estimated enrollment for Oct. 15, 2020 was 1,028 pupils.
District administrators have not yet placed a document online which provides the actual enrollment for Oct. 15, 2020 or the estimated enrollment for Oct. 15, 2021.