Funding Information
Funding Information
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VOTERS APPROVE! Details below.
FISCAL RESPONSIBLITY
FISCAL RESPONSIBLITY
Careful planning has always played an important role in decisions that drive the Stafford Township School District. The bond referendum is no different – it focuses on the highest priority facility improvements with the assistance of state aid.
Bond funding is upfront funding to address needs quickly and to capture state aid to offset the project costs.
STATE AID TOWARD PROJECT COSTS
STATE AID TOWARD PROJECT COSTS
Certain types of school improvement projects are eligible for state aid. If voters approve, the state will pay $15.9 million toward the total project costs. Every taxpayer across New Jersey pays toward public school improvements. This money can only be brought back to invest in Stafford Township schools through approval of a bond referendum.
HOW MUCH WOULD I CONTRIBUTE?
HOW MUCH WOULD I CONTRIBUTE?
By the numbers:
$75,725,650 in Improvements | State pays $15,938,780
If voters approve the referendum, residents could expect to see an estimated monthly increase of about $22 per month in school debt tax for a home assessed at the Stafford Township average.
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 the 25-year life of the loan. This cost is shared by all property owners in Stafford Township.
BASED ON ASSESSED VALUE, NOT MARKET VALUE
BASED ON ASSESSED VALUE, NOT MARKET VALUE
A home’s assessed value is different than its market value. The assessed value is used to determine tax bills and is typically lower than market value, which is a home’s potential sale price.
Don’t guess your tax impact using market value. Know your home’s assessed value by clicking the link below and typing in your address:
To customize your annual estimated tax impact, find your property’s assessed value and multiply that by 0.000888. To find the estimated monthly amount, divide the annual amount by 12.
A History of Fiscal Responsibility
A History of Fiscal Responsibility
Stafford Township School District consistently seeks funding opportunities outside the local tax base. This includes taking advantage of shared service agreements, rebate programs, grants, and other forms of assistance from local and national agencies. In most cases, the amount awarded does not cover the entire project, but instead offsets the cost to the district.
Over the past five years, the district has accomplished the following with outside funding and no tax impact for residents:
Building safety enhancements with additional security features district wide with funds from school security grants ($111,000 awarded)
Cafeteria oven replacements at four schools with funding from National School Lunch Program Equipment Assistance Grants ($75,000 awarded)
Wireless network upgrades throughout the district with funds received through E-Rate funding projects from the Federal Communications Commission ($413,000 awarded)
Tile floor repairs at the Intermediate School are being repaired, in part, with funding from a New Jersey Schools Development Authority and NJ Department of Education grant program to fund emergent and capital maintenance needs ($56,000 awarded)
HVAC and roofing upgrades at two schools are being completed with 40% of the project costs funded by a NJ Department of Education Regular Operating District (ROD) Grant ($1.8M awarded) – $4.5 million in projects were removed from the referendum after this grant was received
The district also has shared service agreements with local agencies to ensure best pricing on goods and services
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