Princeton Schools Considering Alternate Revenue as Budget Looms

Princeton, NJ -- A possible Princeton School District budget that may result in an annual tax increase of $215.12 for the owner of an average Princeton home is leaving the school district considering alternate revenue sources, the Princeton Packet reports.

The Town of Princeton received over $4 million in voluntary contributions and payments in lieu of taxes from various alternative sources last year alone, according to the report.

The town uses that money to balance its budget, and Mayor Liz Lempert told the Packet she wasn’t sure the town could legally share that money with other governments or institutions without getting something in return.

School board President Andrea Spalla told the paper the school board has never spoken to the town about sharing that money or pursuing its own alternate source of revenue, but said this may be a good time to start.

The Princeton School District’s $91.4 million draft budget includes a $76.1 million tax levy.

The school district may be able to exceed the 2 percent cap with the aid of two waivers, including one for enrollment growth and one for increased health insurance costs, and that doesn’t include $1.6 million for staffing and other requests.

The school board will consider the draft budget during its meeting Tuesday night.