MANALAPAN — The Manalapan-Englishtown Regional School District Board of Education has introduced a $77.2 million budget to fund the operation of the school district from July 1, 2011 through June 30, 2012.
The board introduced the budget during its regular meeting held at the Wemrock Brook School on March 1. The budget can be revised until a public hearing is held on March 29.
The proposed 2011-12 budget represents an increase of $456,795 from the current 2010-11 budget, according to information provided by district Business Administrator Veronica Wolf.
The proposed budget includes a general fund of $71.5 million, a special revenue fund of $1.7 million and a debt service fund of $4 million.
The board is proposing to collect a total of $54 million in local property taxes to support the spending plan ($50.5 million to support the general fund and $3.5 million to support the debt service fund).
Residents will vote on the general fund tax levy in the April 27 school election.
The 2011-12 tax levy of $54 million is an increase of $994,510 from the 2010-11 tax levy of $53 million.
If residents approve the general fund tax levy as introduced, the K-8 school tax rate in Manalapan will increase 1 cent, from 89.9 cents per $100 of assessed valuation to 90.9 cents per $100 of assessed valuation.
With a tax rate of 90.9 cents in place, the owner of a home in Manalapan that is assessed at $80,000 will pay $727 in K-8 school taxes in 2011-12 (up from $720 in 2010-11).
The owner of a home assessed at the Manalapan average of $377,000 will pay $3,426 in K-8 school taxes in 2011-12 (up from $3,389 in 2010-11). The owner of a home assessed at $500,000 will pay $4,545 in K-8 school taxes in 2011-12 (up from $4,495 in 2010-11). The owner of a home assessed at $700,000 will pay $6,363 in K-8 school taxes in 2011-12 (up from $6,293 in 2010-11).
If residents approve the general fund tax levy as introduced, the K-8 school tax rate in Englishtown will increase 5.2 cents, from 81.1 cents per $100 of assessed valuation to 86.3 cents per $100 of assessed valuation.
With a rate of 86.3 cents in place, the owner of a home in Englishtown that is assessed at $100,000 will pay $863 in K-8 school taxes in 2011-12 (up from $811 in 2010-11). The owner of a home assessed at the Englishtown average of $330,000 will pay $2,848 in K-8 school taxes in 2011-12 (up from $2,676 in 2010-11). The owner of a home assessed at $500,000 will pay $4,315 in K-8 school taxes in 2011-12 (up from $4,055 in 2010-11).
For the complete story, see the March 9 issue of the News Transcript.