PRINCETON, NJ — Princeton residents may see a tax increase as revealed in the proposed 2024-25 school district budget.
School Business Administrator Matthew Bouldin introduced the $108.5 million municipal budget at the March 18 Board of Education meeting, which includes a school tax rate increase from 1.236 to 1.264 per $100 assessed property value.
A home assessed at $844,787 will pay $236.61 more per year or $10,678.34 for the school tax portion of the bill.
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Bouldin attributed drivers of the budget to include meeting student needs post-pandemic, inflation and scarcity of teachers, improving pedagogy, and continuing to focus on maintaining and improving facilities.
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“The 24-25 drives consistently tend to be meeting student needs post-pandemic,” said Bouldin. “It has exacerbated learning for many students and it has affected the district and the world as a whole. We are consistently dealing with that and trying to offer more services to meet the needs of our students.”
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Bouldin also pointed to increased transportation costs.
“Transportation costs have gone up over $2 million(68.78 percent) over 3 years,” said Bouldin.
Helping with the budget is an increase in state aid. In 2024, Princeton schools received $5,348,358; next year, the district is slated to receive $5,825,807. This is an 8.93 percent increase or $477,449 more than last year.
The state aid accounts for 8 percent of the district’s revenues. The district is also putting in $3.5 million from the fund balance.
A public hearing and final adoption of the budget will be held at the April 30 BOE meeting.
Watch the budget presentation below (it begins around 1:24:00):
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