EDISON – An increase in state aid of $ 11.76 million means that the district of public schools in the city of Edison is almost entirely consistent with the formula for funding schools in New Jersey.
And just like last year, the Board of Education (BOE) has allocated funds for state aid to provide tax benefits to the community, according to school principal Bernard Bragen.
“It is a significant commitment of this BOE and the former BOE to take money from state aid and send it to its destination … to provide tax benefits to our community,” he said.
With an increase of 33%, this increases state aid for schools 2022-23 from $ 35.84 million to $ 47.60 million.
At its March 22 meeting, the BOE approved a preliminary budget of $ 300.46 million to fund the operation of the school district from July 1, 2022 to June 30, 2023.
The proposed total budget for the 2022-23 school year is an increase of $ 14.86 million compared to the budget for the 2021-22 school year of $ 285.60 million.
Residents with homes valued at an average of $ 181,400 in the municipality can expect school taxes to be reduced by $ 23 from $ 5,822 to $ 5,799.
The proposed budget is supported by a tax collection of $ 235.01 million from the owners of residential and commercial real estate in the township. The collection remains the same from the 2021-22 school year.
In 2022-2023, the school district tax rate will be reduced by about 0.03 cents per $ 100 appraisal from 3,227 in 2021-22 to 3,197 this year.
The amount of school taxes paid by an individual is determined by the appraised value of his housing and (or) property and the tax rate set by the school district.
Bregen said that without increased state aid to schools over the past few years, Edison County Public Schools District would not be able to move forward with the $ 9 million supplement to Lincoln Primary School, which is expected to be completed and opened by September. full day in the fall or give benefits to local taxpayers.
“This growth has allowed our school district to allocate money for capital and construction projects to modernize facilities and help our community with the many overcrowding problems we have,” he said. “It would be impossible without increased state aid.”
State aid is just one of the factors influencing the tax rate. The balance of funds, the rate and the impact of enrollment on appropriations also contribute.
The figures in the township rose by $ 69.98 million from $ 7.28 million in the 2021-22 school year to $ 7.35 million this year.
Public hearings and a budget presentation will be held on May 12. For more information, visit www.edison.k12.nj.us.