LAVALLETTE — The Lavallette Board of Education approved the district’s 2020-2021 school year budget during a virtual board meeting held May 4.
Total budget appropriations for the year are proposed to be $4,614,600, according to Business Administrator Patricia Christopher.
The budget estimates $3,913,050 is to be raised by taxes, an increase of $76,726 from 2019’s collection which was $3,836,324, because of the borough’s revaluation last year. Total revenues from local sources will top out at $4,214,935.
The borough’s rateables have gone up which was factored into the schools budget. Because of last year’s revaluation, the borough’s taxable amount increased by $460,074,716 to $2,375,500,100. This caused a new average residential assessment in 2020 of $876,244, compared to the $707,786 in 2019.
The majority of the budget, 87 percent, is made up of: $2.1 million for salaries, $850,000 for high school and special education tuition estimates, $708,000 in benefits, $162,000 in transportation costs and $75,000 in debt service, according to Ms. Christopher.
Officials said the budget will also allow the district to factor in much-needed technological and infrastructure needs. It also will use reserve funds to provide security and needed maintenance items.
The district will retain $762,885 in capital reserve, which has stayed around the same for three years in a row.
Even with a set budget, school officials say costs associated with COVID-19 remain unknown, with the existing limitations for in-person learning.
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