The Haddonfield Board of Education approved a 2023-’24 budget at its April 27 meeting that includes a 2.3% increase in the tax levy from last year.
“There are allowable adjustments we’re allowed to take if we generate them that we can increase over that 2%,” explained board member and district Business Administrator Michael Catalano.
Because the district is using an enrollment adjustment, the tax levy is increased by that amount. But the district is banking the health-care adjustment of $259,764, meaning it can use that money or increase the tax levy by that number within the next three budget cycles.
Catalano also noted that although the levy has increased, the tax rate is down from last year by 1.23%, because the borough’s net taxable valuation is increasing by $21.3 million.
“A number you increase (the tax valuation) by a higher rate (tax levy) is spread out by an even bigger number than last year,” Catalano explained. “Last year, I called it built-in savings, I’ll call it inherent savings due to the increased assessed valuations.”
For the average assessed home of $522,966, there will be an increase of 1.23% in taxes assessed for schools, about $115 annually. Homes with the assessed value of $300,000 will result in an annual increase of about $66 and those valued at $700,000 would see an annual hike of $154.
Catalano broke down the eight general categories of school tax spending:
- 48% to general education
- 19% to special education
- 13% to facilities
- 8% to debt service
- 3% to administration and business
- 3% to nursing and the library
- 2% to athletics
- 1% to technology
- 1% to co-curricular
This year’s budget will add three new content area supervisors, a math committee, a new bus, an elementary math interventionist, a cyber security upgrade, a district registrar and Central Elementary School APR tables.
In other news:
- The board of education recognized Haddonfield High student Kai Freeman for his selection as the New Jersey All-State Honors Orchestra, middle-school student Jack Parker for his award of excellence and elementary student Frank Wells for his award of merit in the state PTA Reflection Program contest.
A board of education work session will be held on Thursday, May 11, at the high school.