By Peter Elacqua
Staff Writer
COLTS NECK – The owner of a home assessed at the Colts Neck average of $843,743 will pay $93 more in taxes to the Colts Neck K-8 School District from July 1, 2017 through June 30, 2018.
The Board of Education has voted 8-0 to adopt a $23.5 million budget for the upcoming school year. Colts Neck’s residential and commercial property owners will pay $20.96 million in local taxes (89 percent of the total budget) to support the operation of the school district.
Colts Neck will receive $1 million in state aid for 2017-18
During a meeting on May 3, board President Dr. Kimberly Raymond, Vice President Kathryn Gizzo and board members Marian Castner, Jacquelyn Hoagland, Kevin O’Connor, Michael Taylor and Heather Tormey voted to adopt the budget. Board member Danielle Alpaugh was absent.
The district’s 2016-17 budget totaled $23.8 million and was supported by a $20.5 million tax levy. The tax levy for the upcoming year has increased by $460,000 over the current school year.
Colts Neck’s K-8 school tax rate for 2016-17 was 73.81 cents per $100 of assessed valuation. The average home was assessed at $842,897 and the owner of that home paid $6,220 in K-8 school taxes.
Colts Neck’s K-8 school tax rate for 2017-18 will be 74.83 cents per $100 of assessed valuation. The average home is assessed at $843,743 and the owner of that home can expect to pay $6,313 in K-8 school taxes – an increase of $93.
Business Administrator Vincent Marasco said administrators were required to use $550,000 from surplus funds (savings) as revenue in the budget for 2017-18. He said there will be one less teaching position at the Conover Road Elementary School for 2017-18.
Anticipated enrollment for 2017-18 is 906 students (788 regular full-time students and 118 special education students). The enrollment in October 2016 was 938 pupils and the enrollment in October 2015 was 954 pupils.
Marasco explained why the tax levy has increased by $460,000 even though the total budget has decreased by $300,000.
“Our overall operating budget for 2017-18 is smaller compared to 2016-17 and while the unassigned fund balance revenue of $550,000 was less than the unassigned fund balance revenue used in 2016-17, the tax levy revenue is the remaining variable that is affected in order to achieve a balanced budget,” Marasco said. “Thus, the tax levy for 2017-18 calculates to be an increase over 2016-17.”