RED BANK – The Red Bank Borough Public Schools Board of Education has adopted a $31.59 million budget to fund the operation of the school district during the 2020-21 school year.
The budget will be funded in part through the collection of $18.57 million in property taxes from residential and commercial property owners in Red Bank.
The school district’s budget for the 2019-20 school year totaled $32.61 million and was supported by the collection of $18.16 million in taxes from property owners in Red Bank.
During the 2019-20 school year, the district received $6.11 million in state aid.
In February, administrators were informed by state officials the district would receive $6.9 million in state aid for the 2020-21 school year.
However, on May 29, state officials announced that as a result of the financial impact the 2020 coronavirus pandemic was having on New Jersey’s finances, state aid to schools for the upcoming academic year is being revised.
Figures released by the state indicate Red Bank will receive $6.36 million in state aid for the 2020-21 school year.
The Atlantic Hub’s requests for a comment about the change in the school aid amount for the upcoming academic year and the impact that change could have on the budget were not answered by district administrators.
In 2020-21, the school tax rate in Red Bank is projected to be 81.4 cents per $100 of assessed valuation. The average home in the borough is assessed at $376,671. The owner of that home will pa $3,066 in K-8 school taxes.
K-8 school taxes are one item on a property owner’s total tax bill. Property owners also pay Red Bank municipal taxes, Monmouth County taxes and Red Bank Regional High School District school taxes.
The amount of taxes an individual pays is determined by the assessed value of his home and/or property and the tax rate that is set by each taxing entity.
According to a budget document posted on the Red Bank Borough Public Schools website, there were 1,467 pupils enrolled on Oct. 15, 2018; 1,475 pupils enrolled on Oct. 15, 2019; and the projected enrollment for Oct. 15, 2020 is 1,508 pupils.