Little Silver Board of Ed. approves $12m for next year’s budget

The Little Silver Board of Education has tentatively approved a proposed budget for the 2011-2012 school year of $12,317,790, resulting in a general fund levy of $10,523,301 and a debt service tax levy of $982,302 for a total tax levy of $11,505,603.

Superintendent Carolyn M. Kossack Ed. D. and Board Secretary/Business Administrator Amy Lerner will meet with County Officials on Mar. 3 to review the proposed budget and the district’s efficiency standards before submitting an itemized budget to the Executive County Superintendent on Mar. 4. If the county approves the budget, then adjustments can then be made at the public hearing scheduled for Mar. 24.

The proposed general fund for the 2011-2012 school year is $11,185,479, resulting in a total tax levy of $10,523,301. Last year, it was budgeted at $11,361,658 with a local tax levy of $10,467,963 when the budget failed at the polls on April 20. Had it been voted into affect, the proposed budget would’ve raised taxes in the area by 4.6%. The Christie administration has since passed legislation capping property tax levies at 2%.    

The special revenue fund, which the district receives in federal grants as part of the No Child Left Behind mandate and the IDEA grant for students with disabilities, is currently estimated at $150,006, down from $188,228 in 2010. Earlier this week, it was announced that the district will also receive $89,813 in state aid after losing 100% of assistance last year. 

The third and final component of 2011-2012 school year budget is the debt service fund, which provides for debt payments associated with past referenda. Unlike the general fund, it will not be included on the ballot during the Apr. 27 election, as its budget of $982,305 was already voted on and approved by taxpayers in a special election.

Below, you'll find a generalized breakdown of the budget. A more detailed, itemized report will be made available upon approval by the Executive County Superintendent:

Budget

Local Tax Levy

Total General Fund

$11,185,479

$10,523,301

Total Special Revenue Fund

$150,006

n/a

Total Debt Service Fund

$982,305

$982,302

Totals

$12,317,790

$11,505,603