EDISON – The $11.76 million increase in state aid brings the Edison Township Public School District almost to full adequacy with New Jersey’s school funding formula.
And just like last year, the Board of Education (BOE) has committed the state aid funds to provide tax relief to the community, according to Schools Superintendent Bernard Bragen.
“This is a significant commitment on this BOE and former BOE to take the state aid monies and put it towards its intended use … to provide tax relief to our community,” he said.
With the 33% increase, it brings the state aid for the 2022-23 school from $35.84 million to $47.60 million.
The BOE approved the tentative $300.46 million budget at a meeting on March 22, to fund the operation of the school district from July 1, 2022, through June 30, 2023.
The proposed total budget for 2022-23 school year is an increase of $14.86 million from the 2021-22 school year budget of $285.60 million.
Residents with homes assessed at the municipality’s average $181,400 value can expect a $23 decrease in their school taxes from $5,822 to $5,799.
The proposed budget is supported by the collection of a $235.01 million tax levy from the township’s residential and commercial property owners. The levy remains the same from the 2021-22 school year.
For 2022-23, the school district tax rate is decreasing by approximately – .03 cents – per $100 of assessed valuation from 3.227 in 2021-22 to 3.197 this year.
The amount of school taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by the school district.
Bragen has said without increases in school state aid over the past few years, the Edison Township Public School District would not be able to move forward with the $9 million addition at Lincoln Elementary School – expected to be completed and open by September – the implementation of full-day Kindergarten in the fall or provide relief to the local taxpayer.
“These increases have enabled our school district to dedicate monies to capital and building projects to upgrade facilities and provide relief to our community to the many overcrowding issues that we have,” he said. “These things would not have been possible without the increase in state aid support.”
State aid is just one factor influencing the tax rate. Fund balances, ratables and the effect of enrollment on appropriations are also contributing elements.
Ratables in the township have grown $69.98 million from $7.28 million for the 2021-22 school year to $7.35 million this year.
A public hearing and presentation of the budget will be held on May 12. For more information, visit www.edison.k12.nj.us.