COLTS NECK – The Colts Neck K-8 School District Board of Education has introduced a $27.17 million budget to support the operation of the school district during the 2020-21 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 2020-21 budget will be supported through the collection of $24.4 million in taxes from Colts Neck’s residential and commercial property owners. Property taxes account for about 90% of the budget’s revenue.
The district’s 2019-20 budget totaled $26.17 million and was supported by a $23.48 million tax levy. Total spending for the upcoming school year is up $1 million and the tax levy for the upcoming school year is up $920,000.
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 $1.18 million in 2019-20 to $1.27 million in 2020-21, according to the New Jersey Department of Education.
Specific information about the impact of the 2020-21 budget on property taxes is expected to be available at the May 4 public hearing.
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.
