NEW PROVIDENCE, NJ – The Board of Education (BOE) approved its 2020-2021 tentative budget at the Thursday, March 12 meeting. The proposed budget is now heading to the office of the County Superintendent for approval. The budget hearing will take place at the April 29 BOE meeting.

The 2020-2021 general fund budget amounts to $42,992,911 of which $38,938,890 will be raised by taxes. The tax levy is increasing by 2.188 percent compared to last year. The 2020-2021 budget expenses are going up by 3.13 percent compared to the previous year. The taxes for the average borough home are estimated to decrease by $11. This year the district is receiving $1,876,421.00 in state aid for the general account.

The district has held a number of budget meetings since December. The tentative budget was distributed to the board in late February. The Executive County Superintendent is expected to approve the budget by April 6. By law the district has to advertise the public budget hearing at least four days prior to the hearing. The public hearing must take place between April 24 and May 7. The budget adoption must be completed by May 14.