By Peter Elacqua
Staff Writer
COLTS NECK – The Colts Neck K-8 School District Board of Education has adopted a budget for the 2016-17 school year.
At a May 4 meeting, board members voted 9-0 to adopt the $25.6 million budget to fund the operation of the district from July 1, 2016 through June 30, 2017. The budget will be supported by a $22.1 million tax levy to be paid by Colts Neck’s residential and commercial property owners.
The 2015-16 school year budget was $24.3 million and was supported by a $21.7 million tax levy.
The district will receive $1 million in state aid during the upcoming school year.
The tax rate during the 2015-16 school year was 72.86 cents per $100 of assessed valuation. The 2016-17 budget will increase in the tax rate to 73.81 cents per $100 of assessed valuation.
The average assessed value of a home in Colts Neck in 2015 was $811,783, which means the owner of that home paid $5,914 in K-8 school taxes for the 2015-16 school year.
The average assessed value of a home in 2016 is $842,897, which means the owner of that home can expect to pay $6,220 in K-8 school taxes for the 2016-17 school year – an increase of $306.
Business Administrator Vincent Marasco said an expected 12 to 15 percent increase in employee healthcare benefits, additional services for students who have special needs, renovations to pupil bathrooms and security upgrades contributed to the total $400,000 increase in the district’s tax levy.
Marasco said administrators were required to use $613,361 from surplus funds (savings) as revenue in the budget for the upcoming school year.