RED BANK – The Red Bank Borough Public Schools Board of Education has introduced a $36.2 million budget that will fund the operation of the K-8 school district during the 2021-22 school year.
Following a discussion among district administrators and board members, the budget was introduced on March 9. A public hearing is scheduled for April 27. The budget, which may be revised until that date, may be adopted by the board following the public hearing.
The budget for the upcoming school year will be supported by a tax levy of $18.8 million to be paid by Red Bank’s residential and commercial property owners.
Specific information about the tax impact of the 2021-22 budget on Red Bank’s property owners is expected to be provided when the budget is considered for adoption by the board later this month.
The school district’s 2020-21 budget totaled $31.9 million and was supported by a tax levy of $18.6 million.
During 2020-21, Red Bank received $6.36 million in state aid. For 2021-22, Red Bank will receive $7.68 million in state aid, an increase of $1.32 million. The school district’s state aid has increased each year since the enactment of state legislation known as S-2 in 2018.
Red Bank was initially scheduled to receive $6.9 million in state aid for the 2020-21 school year, but that amount was revised to $6.36 million because of the financial impact of the coronavirus pandemic on New Jersey.
According to information posted on the school district’s website, there were 1,467 pupils enrolled on Oct. 15, 2018 and 1,475 pupils enrolled on Oct. 15, 2019. The estimated enrollment as of Oct. 15, 2020 was 1,508 pupils. District administrators have not posted the estimated enrollment for Oct. 15, 2021.