The Princeton Public Schools Board of Education will hold a public hearing and take final action on the school district’s proposed $91.7 million operating budget for 2019-2020 at its regular meeting on May 7.
The school board meeting, which begins at 7:30 p.m., will be held at the Valley Road Administration Building on the corner of Valley Road and Witherspoon Street. The entrance is on Valley Road.
The $91.7 million operating budget proposed for 2019-2020 increased by $1.5 million over the 2018-2019 operating budget of $90.2 million. This amounts to a 1.2-percent increase in overall spending.
School district officials sought to close a $2 million budget shortfall. The district has been experiencing tighter budgets as the cost of living and student enrollment are both on the rise.
The result is the need to trim the number of staff – which totals 772 employees – by 3 percent. School district officials said they expect to reach that goal through a combination of retirements and resignations.
Some full-time and part-time positions were eliminated, as well as additional periods for which teachers might have been paid beyond their base salaries.
The overall 3-percent reduction in teaching staff also means class sizes may be larger and some elective offerings may be reduced, school district officials said.
While the district has been forced to make cuts that will affect every student, Superintendent of Schools Steve Cochrane said the district’s priority is to keep the high level of learning intact.
The proposed operating budget calls for a 3-cent increase in the school district property tax rate – from $1.12 per $100 of assessed value to $1.15. For the owner of a house assessed at the town average of $838,562, this is a $264 increase. The school district property tax bill for that house will be $9,643.
The amount to be raised by property taxes to support the budget will increase from $76.2 million for the 2018-2019 budget to $78.2 million for the 2019-2020 budget. This represents a 2.6-percent increase on the tax levy.
The district was allowed to exceed the state-mandated 2 percent cap on the tax levy because of an adjustment that is permitted to be taken for increases in health insurance premiums.
School district officials pointed out that although the Princeton tax base – the value of all taxable properties – has increased in recent years, the 2-percent cap on the property tax levy is based on the previous year’s tax levy. It does not increase hand-in-hand with the growth of the tax base.
Besides property taxes, additional sources of revenue include $5.1 million in state aid and debt service, and $5.1 million in tuition for Cranbury Township high school students who attend Princeton High School through a sending/receiving relationship. Cranbury Township does not have its own high school.
The major cost drivers are an 8-percent increase for employee health and prescription drug premiums, and a projected 6-percent increase in tuition paid to the Princeton Charter School.
Special education costs also have increased. This includes tuition and transportation for special education students who cannot be taught in the school district and who are sent to special schools outside of the district.