After more state aid cuts, the Hoboken Board of Education approved a roughly $83.8 million budget that comes with a school tax levy up 9.95 percent from last year.
The budget was approved unanimously (9-0) at the Hoboken BOE’s May 7th meeting, after the spending plan was introduced in March, prior to a formal budget hearing on April 28th.
“The total 2020-2021 budget is $83.8 million which includes the K-12 district budget, funding for the charter schools, and funding for the Pre-K program,” Hoboken BOE President Sharyn Angley said in an email.
“The portion of this budget that comes from local taxes is $53.1 million and is referred to as the local tax levy. This is the amount that is subject to change and that will impact the local taxpayer.”
She continued that “significant state aid loss,” a 8.59 decrease from last year (or $849,359 less) – according to data released by the New Jersey Department of Education in February – and “dramatic enrollment growth” led to a larger than usual tax levy hike.
“Per the city, the average assessed property value in Hoboken is $524,500. At this level, the impact of the tax levy increase is estimated to be an additional $252 for the year,” Angley added.
According to public records, the K-12 student enrollment was 2,134 last year and will be up to 2,514 in the 2020-2021 scholastic year.