During a public hearing on May 5, the Hoboken Board of Education presented a $68 million school budget for 2015-16, including a $53.46 million general fund, which would represent a 2.36 percent increase from last year.
The tax increase for the average homeowner (with a property assessed at $518,000) would come to $67, stated school officials in their budget presentation.
According to school officials, the budget bump is due to an increase in charter school payments, growing special education costs, a change in employee benefits and a contracted salary increase for district staff.
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In addition, the budget was affected by a decrease in available surplus, relatively flat state aid and an “accumulated food service deficit.”
According to school administrators, the district projects to spend $2,083 per pupil in administrative costs for the 2015-2016 school year, $3 less than the $2,086 regional limit as calculated by the New Jersey Department of Education.
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The Hoboken School District was not required to vote on their budget this year, since the local tax levy was under two percent.
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