This morning, the board of education unanimously approved a resolution which will return $617,000 of new State aid directly to the taxpayer. The board of education’s decision to dedicate the $617,000 to tax relief is consistent with the Commissioner of Education’s advisory memo.
The new and unanticipated state aid is the result of the recent state budget adoption. The July 12 adoption of the state budget included $150 million dollars of additional aid to all schools in New Jersey. MTPS’ share of the additional aid funding equaled $617,000.
After deliberation, the board of education decided to dedicate a grand total of $695,000 to tax relief for 2012. This action will eliminate the entire approved 2012 school budget tax increase of $80.04 on the average assessed home of $533,800. In addition to providing tax relief, the board of education also decided to delay the implementation of the “Pay-to-Participate” until the 2012–2013 school year.
Don Mishler, Board President, noted “that the additional state funding provided the Board with an unprecedented opportunity to provide relief to taxpayers while maintaining financial stability. The Board of Education has moved decisively to seize this opportunity.”
