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2.3% increase anticipated
(by Walt Brown - March 12, 2008)
At the final February meeting of the Pascack Valley Regional Board of Education, a “tentative” 2008-2009 budget was adopted. It was stated to be “tentative” because it relied to a small extent upon past state aid formulas since the exact dollar amount of state aid is not available.
The budget calls for a total outlay of $42,884,193, of which $38,799,193 will be raised through tax levies. These figures include $1,998,652 in “debt service,” which is the paying off of the referendum approved to revitalize the two campuses.
In terms of operating expense, the schools’ costs (not including debt service), the projected budget amounted to $40,442,362. Of that amount, $36,810,541 will be raised through taxes. Last year’s tax levy, by comparison, was $35,979,512, making this year’s figure an increase of 2.3 percent.
“It’s by far the smallest increase in the last seven years,” Administrator Vincent Occhino told Community Life. “It’s a tight budget, and it is also a strict, keep-things-to-the-letter budget. Because of changes in state aid, and changes in the way that state aid is paid and reported, we had no choice but to keep it this tight, and the board is very satisfied that it is well under the traditional four percent cap.”
Once the exact dollar amount of state aid is provided, the numbers and percentages will change slightly, and the budget will then be finalized.
E-mail: pvcommunitylife@northjersey.com.
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