POINT PLEASANT BEACH- The Point Pleasant Beach Board of Education held a public hearing and approved the 2023-2024 district budget at its April 25 meeting – announcing a $118.13 annual school tax bill increase for residents living in homes assessed at the borough average of $571,875.
The total budget for the 2023-24 year is $19,662,059 – a 1.13 percent increase from the previous year’s budget, $17,252,636.
The average Point Beach homeowner will pay $4,081 in school taxes for 2023-24, a tax rate increase of two cents [$0.0206] per $100 of assessed value.
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Business Administrator Brian Savage gave a full presentation on the budget and discussed the many reasons for the rise in school taxes, including a 14 percent increase in health benefit costs, district replacement of two school vehicles and increased costs for operations and maintenance needs.
According to Mr. Savage, the general operating budget increased by 6.42 percent, reflecting the overall budget increase of 6.09 percent. Operating expenses increased, according to Mr. Savage, because the district is currently seeing a full staff, which the district hasn’t seen in more than 10 years.
Mr. Savage also said debt service is decreasing and the district will also have a decrease in state aid funding, despite receiving $3,600 in state aid for the 2023-24 year, a 0.55 percent decrease from the previous year.
The adopted budget includes $18,359,954 in current expenses, a special revenue fund in the amount of $685,188, debt service at $620,523 and a tax levy cap adjustment of $310,047 for health care costs.
“I believe this budget addresses student needs and is fiscally sound,” said Mr. Savage.
The budget was adopted unanimously.
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