Finances
Hanover Park Regional High School District can use bond funding to pay for large-scale improvements,
spread the costs over time, and capitalize on state debt service aid that will not come to the
district without a voter-approved referendum.
Project Costs
Project costs are estimated at $44,349,835. That includes not only actual construction and renovation work, but professional and permit fees. It also includes a contingency in case estimates do not accurately predict the future.
State Debt Service Aid is estimated to be 40% of the total project.
That state debt service aid is only for voter-approved, bond-funded projects. Without this strategic budget move, important improvements such as routine replacement of building systems and renovation of infrastructure would fall 100% on local taxes.
The district has exhibited great fiscal responsibility with its current debt;
therefore,
we are able to combine our current debt with this new debt to have a
minimal impact to taxpayers,
keeping affordability consistent.
Cost of Project
Hanover Park High School $28,071,975
Whippany Park High School $16,277,860
Total $44,349,835
State Debt Service Aid 40%
In looking at the table below, year 2023 is current debt from prior referendum projects.
Years 2024 through 2026 include current debt and new debt from this proposed referendum.
Years 2027 through 2043 include new debt only from this proposed referendum.
Future Estimated Annual Payment Changes based upon the Current Year Tax Assessment
for the Average Home Value as listed below:
East Hanover $366,497
Florham Park $658,029
Hanover Township $425,307
East Hanover Florham Park Hanover Township
2023 ($2.61) ($3.33) ($2.92)
2024 ($3.93) ($4.97) ($4.40)
2025 ($1.20) ($1.61) ($1.37)
2026 $0.04 $0.08 $0.04
2027 ($26.88) ($34.27) ($30.09)
*Projected trending decrease through 2043
*Parenthesis indicate decrease in payment