RED BANK – The Red Bank Borough Public Schools Board of Education has introduced a $37.1 million budget to fund the operation of the school district during the 2022-23 academic year.
Following a discussion among district administrators and board members, the budget was introduced on March 15.
A public hearing on the budget has been scheduled for April 26. The budget, which may be revised until that date, may be adopted by the board following the public hearing.
The proposed $37.1 million budget will be supported by the collection of a $19.2 million tax levy to be paid by the borough’s residential and commercial property owners.
The remainder of the revenue that is needed to fund the school budget will come from other sources, including state aid, which is increasing from $7.68 million in 2021-22 to $9.32 million in 2022-23.
Red Bank’s state aid has increased each year since the enactment of state legislation known as S-2 in 2018.
During the 2021-22 school year, Red Bank’s school tax rate was 82.45 cents per $100 of assessed valuation. On a home assessed at the borough average of $406,228, K-8 school taxes were about $3,349 (0.8245 x 4,062).
In 2022-23, the school tax rate is estimated to decrease to 80.56 cents per $100 of assessed valuation. On a home that is still assessed at $406,228, K-8 school taxes will decrease to about $3,272 (0.8056 x 4,062).
School taxes are one component of a property owner’s total tax bill. The bill also includes taxes that are paid to Red Bank, to the Red Bank Regional High School District and to Monmouth County.
Individuals pay more or less in taxes depending on the assessed value of their home and/or property and the tax rate that is set by each taxing entity (i.e., municipality, school district, county).
If the assessed value of an individual’s property has increased from one year to the next, that individual could pay more in taxes to a taxing entity (i.e., school district) even if the tax rate for that taxing entity has decreased.
During the 2021-22 school year, the $37.6 million budget that was adopted by the board was supported by a local tax levy of $18.8 million. From 2021-22 to 2022-23, total appropriations have decreased by $500,000 and the tax levy has increased by $400,000.
The school district’s estimated enrollment on Oct. 15, 2021 was 1,394 students, according to information posted on the Red Bank Borough Public Schools website.