POINT PLEASANT — The Point Pleasant Borough School District presented its proposed budget for the 2025-2026 school year during the Monday, April 7 Board of Education meeting.
The district’s total preliminary general fund budget is proposed at $52,865,058, which has been submitted to the county superintendent and is approved. The general fund tax levy is projected to be $44,324,531, with an additional debt service tax levy of $671,815 to repay the remaining refinanced bond due to be paid off in early 2034.
The proposed increase would add a total of $.06614 per $100 of home value to the current tax levy. The estimated average school tax increase would be approximately $267 on the average assessed home.
A public hearing will be held on Monday, April 28 at 7 p.m. at Ocean Road Elementary School, 1210 Benedict St.
Under the S2 state aid formula, the Point Pleasant School District has faced significant financial challenges due to substantial reductions in state aid, according to a press release from the district.
Between the base year 2017-2018 and the end of the S2 phase in this current school year, state aid dropped by 41%. This represents a cumulative loss of over $10,000,000 starting in the 2017-2018 school year through the 2024-2025 school year.
The state has calculated that the district is under adequacy by $5,466,113. This figure represents the difference between the general fund tax levy and the state’s calculated equalization aid. The term adequacy represents the funding level necessary to provide a thorough and efficient education to every pupil in that district.
This increase is a result of the district’s inability to raise taxes in excess of 2% plus eligible waivers during the S2 years.
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