KEYPORT – The Keyport Public Schools Board of Education has adopted a $26.42 million budget that will fund the operation of the school district during the 2022-23 academic year.
The budget, which was adopted on April 27, will be supported by a tax levy of $11.58 million to be paid by Keyport’s residential and commercial property owners. Other revenue includes an appropriation of $1.46 million from the district’s surplus fund (savings).
During the 2021-22 school year, Keyport received $5.32 million in state aid. According to information provided by the New Jersey Department of Education, the school district will see a decrease of $370,000 for 2022-23, bringing its state aid to $4.95 million.
Keyport’s state aid has decreased each year since the enactment of state legislation known as S-2 in 2018.
According to information provided in a budget presentation, during the 2021-22 school year, the average home in the borough was assessed at $297,290 and the owner of that home paid about $4,114 in school taxes.
The average assessment of a home in Keyport for 2022-23 has increased to $335,982. The owner of a home assessed at the borough average will pay about $4,298 in school taxes during the upcoming year, according to the budget presentation.
School taxes are one component of a Keyport property owner’s total tax bill, which also includes Monmouth County taxes and Keyport municipal taxes.
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).
The revised 2021-22 budget totaled $26.89 million, according to a User Friendly Budget posted on the school district’s website. The budget was supported by a tax levy of $11.37 million paid by residential and commercial property owners.
From 2021-22 to 2022-23, total appropriations have decreased by $470,000 and the school tax levy has increased by $210,000.
District administrators said one factor that is driving the budget is the cost of transportation, which has increased steadily from $535,000 during the 2017-18 school year to a projected $995,000 during the 2022-23 school year.
Another item that is driving the budget is the cost of insurance. District administrators said health and prescription costs have increased 7.5% during the past year, while property and casualty insurance has increased 23% and workmen’s compensation has increased 17%.
District salaries for 2022-23 are projected to total $12.1 million. That number grows at 3% each year, according to district administrators.
The school district comprises Keyport Central School (pre-kindergarten through 8) and Keyport High School (9-12).
Students from neighboring Union Beach attend Keyport High School through a send-receive relationship between the Keyport Public Schools and the Union Beach School District.
In 2021-22, Union Beach contracted for 121 students. In 2022-23, Union Beach plans to contract for 122 students, according to the budget presentation.
Tuition paid by Union Beach to Keyport has decreased from $2.66 million during the 2018-19 school year to a projected $2.17 million during the 2022-23 school year.
Resident enrollment has shown a steady decline from 865.5 pupils in October 2016 to 777 pupils in October 2021, according to the budget presentation.