The Princeton Public Schools Board of Education adopted its $97.6 million budget for 2022-23, following a public hearing at its April 26 meeting.
The 2022-23 budget increased by $1.3 million over the 2021-22 budget of $96.3 million.
The amount to be raised by property taxes to support the spending plan is unchanged at $86.7 million. This includes debt service.
The school district property tax also is unchanged at $1.20 per $100 of assessed value.
Increases in tuition and state aid, combined with a small increase in the town’s ratables base, were among the factors that helped to avert a property tax rate increase.
The owner of a house assessed at the town average of $844,787 will pay $10,109.89 in school district taxes.
In addition to the property tax, other sources of revenue in the 2022-23 budget includes $5.4 million in tuition from the Cranbury School District, which is sending 237 students to Princeton High School. The district sends its high school students to Princeton High School because it lacks a high school.
The Princeton Public Schools also will receive $4.8 million in state aid, which is a $346,248 increase over the amount it received last year. The district also will apply $1.7 million from its fund balance, or surplus account, as a source of revenue.
On the expense side, the budget appropriates $74.5 million for salaries and benefits for school district staff.
The budget also earmarks $7.3 million for the Princeton Charter School. Support for the charter school increased by $175,446, or about half of the amount of the increase in state aid, said school district Business Administrator Matt Bouldin.
