Financial data

This referendum could give Clifton almost $55 million in new state aid -- about one third of the total cost of the projects.

For the #OneClifton community, voter approval would mean about $168 million worth of improvements with just two-thirds of that value being put on local taxes.

For Clifton taxpayers with a home at the average assessed value of $178,252, the estimated cost would be about $17 per month. That's based on a 25-year bond pay-off schedule, which could be adjusted based on market conditions. The Board of Education will advertise the opportunity, and then choose the most favorable schedule that is submitted.

State aid of almost $55 million is a very important factor for this proposal; it would be a new source of income for the district. But voters can consider other financial information about Clifton Public Schools.

The Board of Education has been determined to keep the annual operating budget under the 2% spending cap that state law allows. Since 2014, the district’s budget has been under that level -- some years even under 1%.

Over the past 10 years, the district has steadily paid off debt that resulted from past school improvements. In 2011, Clifton Public Schools carried about $22 million in debt; now it is about $3 million. That is less than 1% of the state's allowable debt limit, an extraordinary and enviable position for a district of Clifton's size. School districts often use bond borrowing because it opens the door to state aid, so they strategically plan to take care of large expenses on a regular debt cycle.

Clifton schools have not gotten their rightful share of state aid for daily operating costs. The state has a formula for calculating that funding, but continually has not sent the full amount to school districts. In Clifton, the shortfall was as high as $56 million in 2014, and was still more than $31 million for this school year. Voter approval on April 20 would provide state aid totaling almost $55 million.