Financial Overview
Financial Overview
As most of you know, the State of New Jersey adopted a plan to reduce the district’s state funding by 50% over several years through Senate Bill 2 (S2). Our state aid is being reduced by approximately $30 million. A loss of this magnitude is devastating. On top of that state aid loss, the Freehold Regional has tried unsuccessfully to pass two referendums over the last few years. Completing necessary capital work within the confines of the 2 percent tax cap, teamed with the destructive state aid loss of S2 while maintaining our current level of service, is impossible.
As most of you know, the State of New Jersey adopted a plan to reduce the district’s state funding by 50% over several years through Senate Bill 2 (S2). Our state aid is being reduced by approximately $30 million. A loss of this magnitude is devastating. On top of that state aid loss, the Freehold Regional has tried unsuccessfully to pass two referendums over the last few years. Completing necessary capital work within the confines of the 2 percent tax cap, teamed with the destructive state aid loss of S2 while maintaining our current level of service, is impossible.
The District is addressing the most critical infrastructure areas for inclusion in this referendum. Urgent roofing replacements and paving work at each high school will be completed. The bonds will be for $14.46 million.
The District is addressing the most critical infrastructure areas for inclusion in this referendum. Urgent roofing replacements and paving work at each high school will be completed. The bonds will be for $14.46 million.
If voters approve the referendum, the State of New Jersey will pick up 40% of the bonds' cost, meaning the work will cost the Freehold Regional $8.68 million instead of the full $14.46 million.
If voters approve the referendum, the State of New Jersey will pick up 40% of the bonds' cost, meaning the work will cost the Freehold Regional $8.68 million instead of the full $14.46 million.
If the referendum is approved, the impact on the FRHSD portion of a resident's property tax bill is an estimated increase of less than 1/2 of 1%.
If the referendum is approved, the impact on the FRHSD portion of a resident's property tax bill is an estimated increase of less than 1/2 of 1%.
Scope & Scale of the Referendum
Scope & Scale of the Referendum
Business Administrator Sean Boyce provides an overview of the scope and scale of the upcoming referendum.
Integrated Relationship Between the Referendum and the Annual School Budget
Integrated Relationship Between the Referendum and the Annual School Budget
Business Administrator Sean Boyce provides an overview of how the upcoming referendum and the District's annual operating budget are intertwined.
S2 Information
S2 Information
Design of the School Funding Reform Act
Design of the School Funding Reform Act
Sean Boyce, Assistant Superintendent for Business Administration, provides an overview of the design of the School Funding Reform Act.
* Video recorded during the Board of Education's Budget Hearing on April 29, 2021.
Senate Bill 2 Impacts
Senate Bill 2 Impacts
Sean Boyce, Assistant Superintendent for Business Administration, provides an overview of how Senate Bill 2 (S2) impacts the Freehold Regional High School District.
* Video recorded during the Board of Education's Budget Hearing on April 29, 2021.