Funding

Little Ferry schools have a proud history in the community, and we look forward to continuing to serve generations of students for many years to come. The most effective way to meet this goal is with two school buildings. 

The Board determined a bond referendum is the best path toward building a new school. 

• The referendum will unlock $1.6 million in state aid toward the $38 million project, if voters approve. 

• A successful referendum is the only way to access this state aid for a project of this scale.

Much like a homeowner would finance improvements through a home equity loan, the district would pay for projects by borrowing (through the sale of bonds) and spread the costs over time.

The tax impact for new school debt is estimated to average $50 per month for the owner of a home assessed at the borough average of $375,501.  

Assessed value is different than market value. The market value is a home’s potential sale price, while assessed value – typically a lower figure – is used to determine tax bills. You can find your home’s assessed value on your tax bill or search your address in this tax assessment database. 

Students in preschool through second grade have been learning in trailers and Memorial School since the closure of Washington Elementary School in 2018. These students need their own school with its own resources to best meet their educational needs. 

With the help of our financial advisers and architects, the Board developed this plan to move the district forward. We are pursuing a bond referendum to balance our fiscal responsibility to the community with the students’ needs for a modern, healthy and safe educational environment. 

By law, the district cannot spend one cent more on projects than what is listed on the ballot. Our proposal is built on conservative figures that account for market fluctuations, which acts as a promise to voters that this project must be completed within the budget they approve. 

1. Payments on new debt would not begin until July 2025. 

2. State aid that is only available through a voter-approved referendum would contribute $1.6 million to offset the local share. 

3. The Board believes that building a new school with efficient systems, elevated to reduce flood risk and with the space needed to fulfill our students’ educational needs, is the most cost-effective option for the district.