Princeton Schools Announce Price Tag For Referendum

PRINCETON, NJ — Officials in the Princeton Public School District reportedly announced a price tag to go along with its proposed bond referendum this week.

The cost for the referendum could be as much as $137 million, with $20 million from the state possible, in the form of debt service, Planet Princeton reports. The referendum covers a new school building, a new administration building and expansion to the high school, among other items to be decided in the Oct. 2 special election.

The district is proposing these items following a growth of about 10 percent throughout the district since 2013, from 3,440 to 3,769 students, according to a post about the referendum on the district’s website.

“Conservative estimates indicate that enrollment will likely rise by another 10 percent or 380 students by 2022 and still another 8-10 percent by 2027, for a district-wide total of over 4,500 students,” according to the district. “Princeton High School and John Witherspoon Middle School are already out of classroom space, and each of our elementary schools will be over capacity within a few years. Without increasing our capacity by building a new 5/6 school and expanding Princeton High School, we will be forced to significantly increase class sizes, reduce elective offerings, and take other actions that compromise the educational excellence that is our district's hallmark.”

The district said the referendum also provides an opportunity to make the schools safer and more secure, and enhance the district’s athletic facilities.

“The facilities referendum is an investment in our home values and in our community, but most importantly it is an investment in our children. As we respond to the growing enrollment numbers in our district, we are committed to doing so in a way that is fiscally responsible and we are working with independent financial advisors to limit the tax impact to our community,” the district said. “We will be refinancing current debt, scheduling the borrowing of bonds over time, and using state aid to offset the cost of renovations and new construction. With our district’s AAA credit rating, conservative fiscal management, and low levels of debt, we will be able to borrow at the best interest rates possible, thereby minimizing the tax impact on homeowners.”

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