FUNDING STRATEGY
$75 MILLION IN PROJECTS OF WHICH STATE PAYS $19.6 MILLION
A bond referendum is a smart financial strategy to generate upfront funding for the proposed improvements and additions for our eight schools. The annual budget pays for day-to-day operations, such as salaries, supplies, and regular maintenance, but schools often need large-scale improvements and upgrades that can’t easily be funded in the annual budget. When those larger updates are needed, school districts like ours often propose funding through a bond referendum. That’s because a voter-approved bond referendum gives schools access to a specific type of state aid to help offset costs for taxpayers.
Cranford Public Schools has strategically planned for its bond referendum by proposing “must-needed” projects that qualify for state aid – 26% of the $75,031,992 in project costs. That means if Cranford voters approve the referendum, the state will contribute $19,644,338.
If voters approve Cranford Public School’s bond referendum, a special type of state funding would contribute more than a quarter of the proposed $75 million in project costs. Tax revenue collected across New Jersey is used to help public school districts pay for specific projects. But funds from that "pot” of money are only available to districts where voters approve bond referenda. Without a voter-approved bond referendum, this funding is left on the table for other districts that pursue bond borrowing.
ASSESSED VALUE EXPLAINED
Assessed value can be found on a homeowner’s property tax bill and is used to calculate how much that person pays for taxes. Assessed value is different than market value and is typically less.
WHAT DOES THIS MEAN FOR TAXES?
If voters approve the bond referendum, the owner of a home assessed at Cranford Township’s average of $185,824 would see an estimated impact of approximately $34 per month in school debt taxes.
Please note that 96% of residential properties are assessed under $300,000 in Cranford.
A SECOND QUESTION IN NOVEMBER 2025
Full-day kindergarten for all Cranford students requires approval of two questions because each one addresses different needs and relies on different funding streams.
January 2024 - Bond referendum will ask voters to provide funding to build the physical space for full-day kindergarten at the four elementary schools.
November 2025 - Bond funding can’t be used for staffing and other operational costs, so a second question on the General Election ballot in November 2025 would ask for additional funding to support the kindergarten program in the annual budget going forward.
To increase instructional time for all kindergarten students, the district would need to hire eight full-time kindergarten teachers with benefits, 16 part-time classroom assistants, and eight lunchroom assistants, as well as pay current teachers for specials like music, art, and physical education. Classroom supplies would also be included. Early estimates from the district’s financial advisers indicate that the total tax impact for the second question could be approximately $10 per month, or $125 per year, for a home assessed at Cranford’s average of $185,824.
Approval of both questions could mean Cranford Public Schools could welcome all kindergartners for a full-day program in the coming years.
QUESTIONS? Email vote@cranfordschools.org